Rug pull scams

[Belinda1732]

Rug pull scams "pumping up" a new project, nonfungible token (NFT) or coin to get funding. After the scammers get the money, they disappear with it. The coding for these investments prevents people from selling the bitcoin after purchase, so investors are left with a valueless investment.

[1715236731]

1715236731

[Jawhead999]

I don't understand what's the relation between NFT and Bitcoin because both of them are completely different, also it doesn't make sense if they can't sell Bitcoin because it's decentralized, even government can't shut down Bitcoin. If you refer to fake Bitcoin e.g. Bitcoin that run in unknown chain, of course there's a chance you get a shitcoins. That's why P2P in ETH, BSC, Polygon chain are very risky if you can't distinguish a legit and fake token.

[Wapfika]

Rug pull scams "pumping up" a new project, nonfungible token (NFT) or coin to get funding. After the scammers get the money, they disappear with it. The coding for these investments prevents people from selling the bitcoin after purchase, so investors are left with a valueless investment.

Please construct your statement straight because you are talking about the NFT scheme on opening remark of your statement then suddenly Bitcoin becomes involved on purchasing NFT which is not possible because NFT marketplace don’t accept Bitcoin as payment. And also you are using rug pull wrong. Your example is not a rug pull because scammer just simply mislead the buyer on selling NFT with fake value while rug pull are those tokens that pump and become zero value before the devs manage to provide the project product leaving the project abandoned.

[batang_bitcoin]

Rug pull scams "pumping up" a new project, nonfungible token (NFT) or coin to get funding. After the scammers get the money, they disappear with it. The coding for these investments prevents people from selling the bitcoin after purchase, so investors are left with a valueless investment.

I don't understand the last sentence but taking it with what you're trying to say. It's true that these scam investments coming from tokens, coins and even NFTs, they'll just leave their investors with nothing once they're done with the project.
That's why many projects went to zero because that they've pulled out their investors money turned into their profit. That's what happened and sadly, these victims can never retrieved their money which turns into their losses.

[vv181]

~The coding for these investments prevents people from selling the bitcoin after purchase, so investors are left with a valueless investment.

I don't understand the last sentence but taking it with what you're trying to say. It's true that these scam investments coming from tokens, coins and even NFTs, they'll just leave their investors with nothing once they're done with the project.~

What he meant is likely a type of smart contract that is designed to prevent the selling of a token, a kind of the Squid Game smart contract scam. So the smart contract is just coded with a specific address in mind, which is, it's the address of the smart contract creator itself. That specific address is the one that will only be able to sell tokens, every other else can't sell it, but they are only able to buy or move it.

[Cryptornd]

 i have many experiences with rug pull scams. you may remember a rug pull scam that came with the name of famous tv series Squid Game. that was called Squid Game or something like that.  i participated  for their airdrop  campaign and earned some  for free. then the token was listed on pcs and price pumped to moon. i sold my tokens for nearly $500. i earned some $ for free with that rug pull. but it's better to do a research before  investing in any project. good luck mate.

[Kocret02]

Rug pull scams "pumping up" a new project, nonfungible token (NFT) or coin to get funding. After the scammers get the money, they disappear with it. The coding for these investments prevents people from selling the bitcoin after purchase, so investors are left with a valueless investment.

Before avoiding becoming a victim of Rug Pull, what steps can be taken to avoid it.
and what can be considered to identify the potential of that Rug Pull project.

[uneng]

Rug pull scams got famous after the Squid coin theft elaborated by the crypto's developers themselves. The trick when forbidding investors from selling their holdings was to avoid the currency's devaluation during a potential massive panic sell wave, so scammers developers were the only allowed people to transact Squid coin, selling them more expensive, taking an exclusive advantage of the temporary hype created by the market.

Rug pull scams "pumping up" a new project, nonfungible token (NFT) or coin to get funding. After the scammers get the money, they disappear with it. The coding for these investments prevents people from selling the bitcoin after purchase, so investors are left with a valueless investment.

Replace the word bitcoin for crypto on your post and it will be fine...

[BitDane]

This had been normal operation of the scammers taking advantage of the Defi platform.  Since many believe that Defi platform are decentralized, they are unwary of the possible scam that will happen on the platform.  I think those who are pulling this kind of scams are the same group.  They are just creating new projects again and again, then rug pulling again and again.

[kojektea]

often happens to tokens because with the existing network they are easy to create tokens and move freely. the interesting thing about the rugpull project is that they initially offered coins at a low price. some people, even people who have been in the crypto world for a long time still consider this an opportunity even though it is a trap.

[CryptoYar]

Rugpull is a type of fraud, in this scammers launch attractive projects. And sell their tokens by showing big dreams when they have accumulated enough money, they remove the liquidity from the decentralized exchange (DEX) After which no token holder can trade/swap that token. And they have to bear the loss. Therefore, do research thoroughly before investing in any project. Or wait until the token is listed on a reputable centralized exchange. As they don't list such scam tokens and you will not lose your hard-earned money.

[DeathAngel]

Rug pull scams "pumping up" a new project, nonfungible token (NFT) or coin to get funding. After the scammers get the money, they disappear with it. The coding for these investments prevents people from selling the bitcoin after purchase, so investors are left with a valueless investment.

It’s been happening for years. This is why you need to do extensive research before you FOMO into random alts. To be honest, it’s better to just stick with bitcoin or mainstream alts. Lots of the lesser known coins are a minefield of scams.

[JeromeTash]

Rug pull scams "pumping up" a new project, nonfungible token (NFT) or coin to get funding. After the scammers get the money, they disappear with it. The coding for these investments prevents people from selling the bitcoin after purchase, so investors are left with a valueless investment.

Leave bitcoin out of this...lol. Bitcoin is not a token and one can not perform a rug pull because Bitcoin has grown into a big decentralized network. Rug pulls are common with shitcoins that have working product, no proper adoption and are just created by the owners to profit from the hype and exit scam.

[Xal0lex]

Rug pull scams "pumping up" a new project, nonfungible token (NFT) or coin to get funding. After the scammers get the money, they disappear with it. The coding for these investments prevents people from selling the bitcoin after purchase, so investors are left with a valueless investment.

How can rug pull even apply to NFTs? NFT tokens are subjectively priced among collectors and do not have a common pool, like DeFi tokens. So I don't see how rug pull can be used in an NFT token. NFT uses another scam more appropriate for this kind of token, it's wash trading, where the user sells and buys his own token from himself to make it popular and in demand.

[crzy]

Rug pull scams "pumping up" a new project, nonfungible token (NFT) or coin to get funding. After the scammers get the money, they disappear with it. The coding for these investments prevents people from selling the bitcoin after purchase, so investors are left with a valueless investment.

What kind of project you’re referring here? Though a lot of rug pull incidents before and this is not new any more. This can happen any time to any project, especially if the project is still new. There’s a lot of fake project and any time can turn into a scam project, if you don’t want to become a victim of those fake project better to do your best research first before investing.

[evichi]

Rug pull scams is a very unfortunate phenomenon in the crypto space. It is really difficult to find out which tokens have the potential to carry out rug pull. This calls for serious research especially on the team members of the project. A reputable personality involved in a project may help to give a clue to a project that at least will not rug pull. Another noticeable thing is that rug pull are very common with tokens that are listed on decentralized exchanges. They are likely to avoid being listed on centralized exchanges because the exchange can expose them. Most times, such tokens are locked and are difficult to sell except for the owners who may design the code to suit their propose. IMO, It is a high risk activity to join new projects more so if the project is only meant to be listed in decentralized exchanges and have no plans for centralized exchanges. However, that does not mean that listing a token on centralized exchanges is a guarantee of safety, but it could be a clue to confirm how genuine a token is. However, there are also good projects that can plan to list only on decentralized exchange/exchanges. The bottom line is to do a comprehensive research before investing.

[Jaered]

Unfortunately, it is what it is. Right pulls are now a chief furniture in the crypto household, and there is nothing much we can do about it. The only thing that can eradicate it(to an extent) is regulation. It may not be a silver bullet but when a scammer remembers he has to pass through a hoop of scrutiny, he or she would be less inclined to try it out. My 2 cents though

[Yamifoud]

Rug pull scams "pumping up" a new project, nonfungible token (NFT) or coin to get funding. After the scammers get the money, they disappear with it. The coding for these investments prevents people from selling the bitcoin after purchase, so investors are left with a valueless investment.

I don't understand what you meant, sorry.
But if you talk about NFTs, many of them are scams, in fact, that issue has been raised in the past days during their hype. It eventually gave us no hope to stop this kind of market drama as scams spread everywhere. But I hope you don't make it generalized and never include Bitcoin for them. Many investors leave crypto for different reasons whether they got scammed, invested in the wrong projects, or never understand how this works. In other words, they are not comfortable here.

[samcrypto]

Scammers have so many ways to scam their investors, they are following the trend as well so we can expect that scammers are everywhere. Rug pull is an old way to turn the project into a scam one, after making a good work to attract investors fake project usually ended on the same scenario. I got victim of a rug pull before and I regret buying that project and following the hype, this is a lesson for me that I will never do it again. Scammers are the real cancer here in cryptomarket, they make this market more worst to others well in fact it is not.

[San_Francisco]

Blockchain industry is full of scams. We need to be vigilant to steer clear from scam of any sort.

Whenever you come across a good opportunity: be wise and question if it's really true - or if it's too good to be true. A good research has never hurt. 
In case: better keep your established coins and avoid risky investments.