Rug pull scams

[MiF]

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.

Well we always need to be careful scammers are smart and we need to be more smarter than them nft is on hype this days and i am sure that scammers will used this hype to get a lot of victim, i dont understand the last line about bitcoin  but i believe that after people loss from scam token they will hold thier bitcoin to prevent another scam or being engage with a valueless token.

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[dansus021]

in fact the rugpull is hit all time high when there is something new in crypto space or something viral in real world

when defi boom there is dozen of Decentralized Exchange and high yield farm but only a few that still alive till this day
when nft and gamefi boom arrive there is a lot play to earn and nft project all over the place
the last is earn to walk 

so we need extra careful but if you can manage the risk you can still made a good chunk of money for that "hype" project

[danherbias07]

OP made a mistake about coin and Bitcoin. I think what he means is "to be unable to sell their "coin".

I have seen one and it's a game in the NFT industry. But there's no proof it was a rugpull. The developer was explaining things about why the value of his coin is going down and so does the NFTs that were bought by the investors. It's an avalanche once the market goes sideways. Everything inside the game with high value will be affected.
The game closed after the developer declared bankruptcy. There are two reasons the players are looking at, either he was played by the whales or it's true that it's a rug pull.

[Silberman]

~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.

I was not even aware that something like that existed, so those scammers are creating smart contracts in which no one except themselves can sell, this makes me wonder, if they have the ability to do something like that wouldn't be better for them to actually try to develop something useful with that technical skill that they have instead of using it to try to scam people? Because I cannot do something like that and yet they can which means they have some skill, but instead of using it for good they have decided to do bad things with it.

[posi]

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.

It's not new to us anymore, it's been around for years and we can't stop these scams. We should keep away from it by limiting investment in new projects, such as those that promise interest rates of hundreds or thousands of percent, this is the best way to deal with it. In a world where people aren't so greedy, and are only interested in coins like bitcoin and ethereum, or bnb, scams such as these wouldn't be as rampant as they are now.

[yazher]

It's not new to us anymore, it's been around for years and we can't stop these scams. We should keep away from it by limiting investment in new projects, such as those that promise interest rates of hundreds or thousands of percent, this is the best way to deal with it. In a world where people aren't so greedy, and are only interested in coins like bitcoin and ethereum, or bnb, scams such as these wouldn't be as rampant as they are now.

This kind of scam has a different approach to the people especially when the speaker knows how to manipulate his speech to make their poor investors believe that they will gonna earn in the future by constantly buying those scam coins. To avoid these kinds of traps in the crypto market today give yourself some time to read some important topics about how to prevent yourself from investing in such coins and how they were when they first introduce their project to people to avoid them as early as possible. Importantly, don't rush to invest just because of the current hype.

[Iyeman]

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.

Scammers will never stop. They will always trying to did fake pump to fool others. Im seeing so many projects have become scam. They will be coming back again with the new scam project used different name and plagiarize whitepaper. Investors must be careful with it in this case.
It's hard to identify which project that created by scammers or not. That's why a deeply research is actually needed.

[Ngemmeng]

looks like most of the people in this thread don't really understand what you mean (myself included), maybe you can explain in more detail. if you buy bitcoins you can sell them at any time because you have full rights to the bitcoins you buy and no one else can prevent you from selling, unless you lose access to the wallet.
Is this what you mean by worthless investment? 

[RussianEnglishTranslation]

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 happens in crypto all of the time. Only about 10% of crypto projects are legit. Three projects that I like are RVN and 0xMR because they had no ICO and all coins were fairly mined and ICP, which is backed by the World Economic Forum.

[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.

I was not even aware that something like that existed, so those scammers are creating smart contracts in which no one except themselves can sell, this makes me wonder, if they have the ability to do something like that wouldn't be better for them to actually try to develop something useful with that technical skill that they have instead of using it to try to scam people? Because I cannot do something like that and yet they can which means they have some skill, but instead of using it for good they have decided to do bad things with it.

The non-sellable typical scam token has been existing for a long time, IIRC. The contemporary spotlight on the actual Squid Game series and the scam token made that type of scam become widely being used again.

Creating such kinds of token doesn't really need an outstanding skill to be honest, it just simple codes. Plainly, it is like this; on the sell function of transfer, if the address is not the owner's, reject transaction. Not to mention there is a one-click platform for smart contract tools that do shady things, for example, the non-sellable smart contract template as above mentioned.

[AnonBitCoiner]

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.

This is the Risk in new coins and it's now increased so much
 We should do research before investing in these type of coins. Partnership, investor's and exchange listing News should be search for checking any project.

[batang_bitcoin]

~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.

A'right.
I know and understands if he's talking about those smart contracts scam because they do really exists. This scam is quite new and has a lot of victims already.
Aside from rugpulling, they're doing this so their victims has no way to avoid losing.

[Mahanton]

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.

Very common on this market and this is why its always been sensible that you should really make that in depth research first before throwing up some money into any projects.Lots of project owners
do really love to fool out those noob investors because they do easily fall out with quick rich schemes or promises on which these scammy devs had been saying or assuring.
Whenever you do caught yourself with some hype then it would really be totally over with your investment.This is why you should really be wise on making decisions
because you are putting something into it and there's no one really likes to get scammed or lose their investment.

[justdimin]

looks like most of the people in this thread don't really understand what you mean (myself included), maybe you can explain in more detail. if you buy bitcoins you can sell them at any time because you have full rights to the bitcoins you buy and no one else can prevent you from selling, unless you lose access to the wallet.
Is this what you mean by worthless investment? 

No, what he means is that sometimes you invest at pre-sale or early days of a project and then in return you are given an NFT or a token and you buy a certain sum of those. It could turn out to be a rug pull or a scam as we call it, and they would leave the project after selling you the tokens and then the price of the thing you bought could drop even harder. That is what they are trying to prevent, if they could prevent it then they could end up with a good return, and how could we prevent these rug pulls? That's the question.

I consciously prevent myself from losing money on these scams by investing into already established great projects like ethereum, can't be rug pulled if there is no rug to pull.

[Pelana vreo]

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.

If I may know, what project are you referring to, so that we can avoid such scams, if you mean selling NFT through Airdrop claims it looks like you need to see the partners and the project before investing, I have several NFTs and from those NFTs I can stake and play games.

[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.

A'right.
I know and understands if he's talking about those smart contracts scam because they do really exists. This scam is quite new and has a lot of victims already.
~

I'm not quite sure if this kind of scam is quite new, the code that required to execute the scam is likely inherently possible on the smart contract since its early age. I tried to look around for this kind of scam, it dated back to October 2020[1], and the Squid Game issues are happening around the late months of 2021. So non-sellable smart contract has been exists for some time.

It's true that some people easily fall into this kind of scam since the characteristic is only observable via the smart contract code. But on the first hand, people really should think twice when they gamble with brand new tokens, I mean it's preventable.

[1] https://www.reddit.com/r/UniSwap/comments/jkxd6z/nonsellable_tokens_on_uniswap_how_to_recognize/

[TheUltraElite]

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.

Being left with a worthless asset is a thing that has been happening since log back. In the physical domain, the term "white elephant" is used to denote the same.

But the point remains that the person who bought that asset did not do their proper research befor investing, so the fault is on them, not to the seller. NFTs may becom worthless tomorrow that is why they are risky assets, this needs to be understood by each one taking part in such hyips.

On the other hand those who have been tracking coins for long and investing in well known old coins make profits every other day.

[dlightag]

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.

Bitcoin has nothing to do NFTs, because they are difference project, which Bitcoin has already established in the ecosystem, accept when investing wrongly on scam project, which requires Bitcoin as a means of payment, to obtain NFT, which what no value that end as Rug pull.

[batang_bitcoin]

A'right.
I know and understands if he's talking about those smart contracts scam because they do really exists. This scam is quite new and has a lot of victims already.
~

I'm not quite sure if this kind of scam is quite new, the code that required to execute the scam is likely inherently possible on the smart contract since its early age. I tried to look around for this kind of scam, it dated back to October 2020[1], and the Squid Game issues are happening around the late months of 2021. So non-sellable smart contract has been exists for some time.

It's true that some people easily fall into this kind of scam since the characteristic is only observable via the smart contract code. But on the first hand, people really should think twice when they gamble with brand new tokens, I mean it's preventable.

[1] https://www.reddit.com/r/UniSwap/comments/jkxd6z/nonsellable_tokens_on_uniswap_how_to_recognize/

I mean that it's quite new that many are voicing this out. But yeah, it had happened in the past but only a few have spoken about this style.
Nonetheless, this scam is still around and still tries to get as many victims as it can. It can be avoided if someone has knowledge and is aware of it.
But sadly, not everyone is.

[ChiNgadOr]

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.

This setting of scam had been in existence since the introduction of cryptocurrency and we need to take prior research before thinking of investing in any crypto project at all. The Crypro market is wide with lots of projects and sometimes it can be very difficult to select the right project to invest in to avoid not to end up being scammed to fraudsters.
I think investing in existing projects better for now and those who can be very skeptical of the right projects to invest in. There are promising existing projects we can hold both for long and short term before the crypto market continue the bull move.