Rug Pull: 97% Of Crypto Projects On Uniswap Were Scams, Study Reveals
Rug pull is a new type of scam which is now a part of a long history of investment schemes that make investors lose a lot, if not all, of their money. Derived from the popular expression “pulling the rug out” happens when investors are enticed or attracted by developers to put resources (usually a […]
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Shiba Inu is slowly shedding its gains following the short-lived rally of the crypto market last October 25 as well as its Elon Musk/Dogecoin-inspired price increases. According to data from Coingecko, at the time of this writing, the DOGE spin-off crypto is changing hands at $0.00001217 and has been down by 2.3% over the last 24 hours. It is still enjoying a 12.7% increase for the past seven days and a 23.4% surge over the last two weeks but those numbers used to be higher during the last few days. On October 30, Shiba Inu peaked at $0.00001421 as it increased its market capitalization by....
Buyers who invest in trendy new projects are harmed by a so-called NFT rug pull or other related scams. However, the crypto space’s pseudonymous nature does not mean that alleged crooks may always vanish without repercussions, as a pair of NFT inventors learned. The US Department of Justice charged two men with fraud and money […]
As non-fungible tokens (NFTs) are becoming a global phenomenon increasingly due to their mainstream adoption, there are also concerns about the surge of related scams. A recent study revealed the most common NFT scams that are spreading on the net. Suspicious Domain Registrations With ‘NFT’ Word Surged 250% in March 2021 According to the research conducted by security experts of Bolster, replica stores are on a bullish trend, as the recent figures show a boost in the number of domain registrations. Scammers have been actively setting up replica stores with suspicious-looking....
The Department of the Interior of Uruguay is taking steps to warn users about the danger they face when investing in certain crypto projects that could be scams. The campaign is called “Fake Coins: Cryptocurrency Scams” and seeks to educate the population about the most common kinds of crypto scams.
Uruguay Educates on Crypto-Related Scams
More and more government bodies are becoming aware of how some parties are using crypto to execute different kinds of scams, and also more of these institutions are working to educate citizens on this fact. The Ministry of the....
Crypto scams are increasingly prevalent as the surge in DeFi and NFT projects increases. From Discord server bots to imitation NFT projects on OpenSea, new ways of stealing cryptocurrencies through deceit continue to crop up. Most in the space are familiar with a typical rug pull scenario in which many invest in a new blockchain project, only for the project to later disappear and the owner to make off with all the investors’ funds. Others may have fallen victim to “pump and dump” schemes, in which wealthy holders of vast amounts of a cryptocurrency (a.k.a. “whales”) have been known to buy....