Scam Coin On PANCAKESWAP

[adzino]

PANCAKESWAP is a fairly new crypto exchange. Many new cryptocurrencies are introduced there everyday.

Are you any scam coins on this site? Anybody faced any scam coins there before?

Why would you even use a "fairly new crypto exchange". There are so many other better well known exchanges out there, and you are asking if shit coins are listed in an exchange that has a very weird name (and itself sounds like a scam). Why even use that exchange? Choose one of the well known and save yourself some trouble. But remember, all exchanges have some shit coins listed to some extent. They can't filter out all those scam coins.
The best way to know if a coin is good or not is to learn more about the coins. Do some digging and you will know if its a scam coin or not.

[tygeade]

In pancakeswap they do not call it a scam, they call it a "rug pull". That means project team creates a token, promises a lot of things, then they do not do those things, that's called a rug pull. They just get funding from people, or charge "tax" for stuff like harvesting from Lp and so forth, get money and use that money to basically end up not doing anything and living better. People who realize this gets out, they sell and the coin drops a lot.

Very recently a coin I invested did that, it is called "fullsail" and the token was called sail, it was basically just a token that had a potential and everyone invested, on the first ever day it reached as high as 380 dollars per token which was too much we knew that, and on first few days it was around 100 dollars, and on next week it became under 40 dollars, those were expected things, but then they did a rug pull and now it is under 60 cents.

[milani]

Not only Pancakeswap, but even at Uniswap we often find such things. Now back to the user if they don't read carefully or don't look for valid information about the smart contract used, then of course it will be tricked by scammers.

Right, i faced that issue on UniSwap exchange, here i have seen a coin but different smart contract that means fake coin. Someone created this and added some liquidity but a lot users can be misguid. I never used PancakeSwap, i think fake/scam coins are added on the both exchanges it’s easy for the scammer. So we should check smart contract before buy any coin.

Yes, it is the golden rule for every investment - check every information you get about the coin or project, and not only smart contract, even such kind of details like the partnership for example or details of listing, social pages of the project, read project's main chats in Telegram or Discord and make the analysis what is going on there and so on. Lots of details will help you to avoid losses.

[tippytoes]

In pancakeswap they do not call it a scam, they call it a "rug pull". That means project team creates a token, promises a lot of things, then they do not do those things, that's called a rug pull. They just get funding from people, or charge "tax" for stuff like harvesting from Lp and so forth, get money and use that money to basically end up not doing anything and living better. People who realize this gets out, they sell and the coin drops a lot.

Very recently a coin I invested did that, it is called "fullsail" and the token was called sail, it was basically just a token that had a potential and everyone invested, on the first ever day it reached as high as 380 dollars per token which was too much we knew that, and on first few days it was around 100 dollars, and on next week it became under 40 dollars, those were expected things, but then they did a rug pull and now it is under 60 cents.

That's terrible one. Reaching $380 and now, at only 60 cents. Too bad for those that didn't get out early. They maybe were thinking that this was a very good source of easy money, but came to find out they were not and were screwed. This is the reason why you need to check the authenticity of the project. Not only the smart contract address, but if they really do have capability to deliver their objectives. But usually, you can't gauge at the early stage of development, as they will give you good promises. Not all defi projects are good, most of them are worried about the money that they can pocket. So better not listen to FOMO or any other enticing baits.

[btcltcdigger]

PANCAKESWAP is a fairly new crypto exchange. Many new cryptocurrencies are introduced there everyday.

Are you any scam coins on this site? Anybody faced any scam coins there before?

BSC is a garbage collector nowadays, due to such low fee's.
Basically most scammers jumped train and started peddling their shit there. So stay away from it completely

[Rexler]

Yes there are scam coins there, Pancakeswap is just like Uniswap, they are both DEX's although they are running on two different blockchain, since DEX are the easiest place to list any token without paying an exchange listing fee or anything, scammers will certainly take that opportunity to list their shit token there, so be careful try not to buy those worthless scam tokens, it's a whole different world out here, try not to get scammed.

[WalkerIVIV]

do not invest in everything listed without having done the right research, it is already very difficult to find the right project with real potential let alone if one has to check all the tokens that are launched.

The problem is the swap service was an open platform and any coin can be listed on there instantly. I do agree with you if people should do a lot of research before try to buy any coin but i think thyere will be more and more scam coins will be coming to this service. The scammers are always looking for the opportunity.
They can't afford the fees on ethereum and that's why they were migrating to the platforms that gained massive popularity

[Ararbermas]

In such new exchange it's not possible to have a scam coins within after months or more, so you better be careful when choosing where to put your money!. Because it's so hard to find out mate to be honest, wherein no one can tell unless someone will gonna try to figure it out. That's why i suggest always to choose those popular coins in the market if you want to trade or you want to invest your money..because you can assure that your money is in safe place.. However if you really see it good to make profits than other coins or let say you really want to try it.. then make some research first for your safety even we says you are in a trusted exchanges because that's not how you can avoid scam coins..

[TelolettOm]

Indeed, for now there are so many scam tokens on the Binance Smart Chain network. The ease of making and the relatively cheap fees make many people make tokens every day with the aim of cheating. but there are also a lot of enthusiasts right now because when we find tokens that have a good concept the increase we get is up to 5-20X. So now it is only natural that many tokens are scam. During these 2 months thousands of tokens were created on the BSC network

[Restmand]

PANCAKESWAP is a fairly new crypto exchange. Many new cryptocurrencies are introduced there everyday.

Are you any scam coins on this site? Anybody faced any scam coins there before?

Yes a lot of scam coins coming to pancakeswap, I have even experienced this, buying new coins for this is new listed to coinmarketcap yes it can be profitable if you buy this early but when you are late in buying this coin you can lose your money. This coins are hyped by developers they will market coins having social medias and marketing their promos and offers but in the end if they will get the money they want, they will run out in the air, they will close their social media account and the price will dump till the coins has no value. So be watchful in choosing coin to buy.

[coinmaster241]

PANCAKESWAP is a fairly new crypto exchange. Many new cryptocurrencies are introduced there everyday.

Are you any scam coins on this site? Anybody faced any scam coins there before?

Indeed, the coin scam still exists, whether in the eth chain, bsc chain, tron chain and others. but we better be more careful, because we still bear the risk ourselves.

[jaberwock]

PANCAKESWAP is a fairly new crypto exchange. Many new cryptocurrencies are introduced there everyday.

Are you any scam coins on this site? Anybody faced any scam coins there before?

Scam coins are something that is available all around the crypto world, yeah crypto space is much newer than most markets in the world so it is not really defended against that well nor educated enough to prevent it from many people. However we live in a world where some guy sold the eiffel tower...twice, so please remember that all the scams you have seen here has been 100x in the same period of time at fiat world as well.

Crypto could have scammers stealing a million dollars, and at the same time some guy could be stealing 10 million dollars in fiat money somewhere around the world, not to talk about all the scams that happened in the past as well. There is a 71 page long wikipedia page talking about each scam and most of them also have their own pages as well, so scams are quite common in the world.

[larus]

Defi is one big field of scam coins, sorry

[Mpamaegbu]

To lessen your risk of ending up with scam tokens, always check if their code has been audited by a reputable third party.

That's a nice insight you just gave there. Honestly, I haven't been checking on project audit but I have been fairly lucky not to have invested in any scam token yet. I hope it stays that way too. My method has been to go through the token write up and check if it has a use-case or just some dude building a castle in mid air. If it's the latter, I instantly know it's a no-no and I stay out, no matter what ROI is projected. Another thing I look out for is error on the write up. If I find silly school boys error, I take that the dev and its team aren't a serious bunch. I like seriousness when it comes down to business. That's the major thing that can make me part with my hard earned cash.

[MishaSER]

I remember 2 months ago I was involved in farming Bamboo spent 0.6 BNB, but after a couple of hours the token fell to the very bottom, I did not understand what happened, but I managed to return only 0.3 BNB. Therefore, guys, keep an eye on what projects you invest in, there are no guarantees. Now this token is designated as old https://bscscan.com/address/0x2eb5ecc40e403b12ee4428d70fddf34e2c2c27b0

[BChydro]

I remember 2 months ago I was involved in farming Bamboo spent 0.6 BNB, but after a couple of hours the token fell to the very bottom, I did not understand what happened, but I managed to return only 0.3 BNB. Therefore, guys, keep an eye on what projects you invest in, there are no guarantees.

If you jump into the hype you should anticipate there will be a lot of scams, you are lucky you did not loose everything and i am yet to jump into this mess as i am not too confident on most of the projects listed and as i have gone through the mud loosing a lot of money in the process but farming is another risky prospect which i might do if there is transparency in the team, if not i will pass.

[masulum]

Defi is one big field of scam coins, sorry

There is no differents between defi or non-defi coin, every project can be go out anytime they wants. Thats why every investor need to do research before invest in any financial service. today you says defi is easy to enter a scam, as well as when ICOs and IEOs are booming, people think all this will only end up in a scam, but it is not the case. Where there is money-making potential, there will be scammers. Whatever the type of business and offer.

[Bttzed03]

To lessen your risk of ending up with scam tokens, always check if their code has been audited by a reputable third party.

That's a nice insight you just gave there. Honestly, I haven't been checking on project audit but I have been fairly lucky not to have invested in any scam token yet. I hope it stays that way too.

In Code, we trust.....but you don't want to blindly invest in codes written by some random people.

It is an added assurance to a token's use case. If their code is properly audited and the results show it's good, the chances of hacker exploits/attacks is less. You also don't have to worry about the team minting unlimited tokens that they will dump on exchanges in an instant. We've seen those cases before especially by anonymous teams.

[Kitaiev]

Personally i haven't encountered any scam on this exchange but i didn’t try to buy something risky that i don’t know. Mostly i use staking cakes and this is enough for me. I know that my friends didn't have any problems with fraud on this site either.

[leea-1334]

It is an added assurance to a token's use case. If their code is properly audited and the results show it's good, the chances of hacker exploits/attacks is less. You also don't have to worry about the team minting unlimited tokens that they will dump on exchanges in an instant. We've seen those cases before especially by anonymous teams.

Agree,,, I know certik audits do not guarantee anything and we all know many hacks have now happened on audited codes done by certik for example, BUT it is one added assurance. I know nothing about code but I am fairly sure Certik knows a little and if they can audit it this is one less route of hack to the code.