In the crypto world we also know the term Rug Pull, where one can get rich quick, by issuing coins/tokens, and registering them on crypto exchanges, Use a Pump strategy by buying their own Tokens, Do promotions on social media. After many buyers/investors and the token price have reached the target, the token developer will immediately sell all their tokens on the market, and they will disappear with huge profits, and of course the token price will drop drastically, (this is just theory, not for practice). So, in simple language, Rug Pull means: Token developers are taking investors' money away. What do you think?
Rug Pull Strategy or Scam?
- Thread starter Suba
- Start date
It is scam of the highest order. This is one of he reason i support regulation of cryptocurrency. Government should not allow criminals to walk away with people's money. While it is disappointing that many governments want to regulate cryptocurrency, it seems to be the only alternative.
I think that this type of strategy are adopted by the cryptocurrency whales to wave a heavy hand across the crypto market.
It is a big scam that is perpetrated by the big crypto thieves.
- Thread starter
- #10
I agree with you, rugpull is a type of big scam, so we should be able to avoid it especially to check token liquidity, whether the spread of liquidity is only to a group of people.
It is better to stop this type of activities in the cryptocurrency space very quickly.
Cryptocurrency is growing so the is the crime in it growing ,there is need for proper research to be done.
It is normal that if a space is growing, the scammers would always want to hide under their umbrella to perpetrate illicit activities.