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+--- Thread: What is Rug Pull Scams in Crypto Market? (/showthread.php?tid=1377)
What is Rug Pull Scams in Crypto Market? - Jolly - 05-27-2024
Rug pull scams in the crypto market occur when developers create a new cryptocurrency or DeFi project, attract substantial investments, and then abruptly withdraw all funds, leaving investors with worthless tokens. One example is the 2020 scam involving DeFi project Harvest Finance, where the anonymous developers exploited a loophole, draining $24 million. Another instance is the Thodex exchange in Turkey, where the founder disappeared with $2 billion in investors' funds. Another example is the Squid Game token scam in 2021 saw developers vanish after the token's value skyrocketed, stealing an estimated $3.38 million from investors.
RE: What is Rug Pull Scams in Crypto Market? - Heatman - 06-21-2024
Till today, I still consider cryptocurrency coins like SHIBA INU as a Rug pull scam. This is because everything that happened with the coin from when it was launched shows that it was a Rug pull. It just looked like it have been saved by the recent BTC bullish run.