Wnat is crypto Rug pull??

[Kingstone]

Have you heard of this term before? Just over a week ago, the owner of Squid Game Community Token (SGCT) is said to have engaged in Rug pull. This is a crypto scamming term in which the owner will run away all the funds leaving the investors with nothing.

It is defined as when a coin or currency suddenly has its support withdrawn or is removed from a decentralized asset or cryptocurrency without warning. Over $3 million was stolen by the owner as its token price went down to $0.

 

[Trexxxy]

I saw what happened to the squid game coin, it would seem a lot of people lost money to it. It seemed sketchy especially the way the coins was rising and suddenly it just plummeted.

 

[eLdavis]

Though I heard about the squid game coin, and I also heard alot of persons experienced losses but I never knew this was what really happened. I think the coin became so popular in a short period because of the kdrama series squid game. Has any efforts been made to trace the culprit?

 

[HayKay]

$3 million was even so little for the owner to run away with. This just goes to show the level of greed that abounds today.
And this is my fear about this new coins is that one can't trust their sustainability or even where they're headed to.

 

[Sotherefore]

Have you heard of this term before? Just over a week ago, the owner of Squid Game Community Token (SGCT) is said to have engaged in Rug pull. This is a crypto scamming term in which the owner will run away all the funds leaving the investors with nothing.

It is defined as when a coin or currency suddenly has its support withdrawn or is removed from a decentralized asset or cryptocurrency without warning. Over $3 million was stolen by the owner as its token price went down to $0.

That is true, the squid game token has shocked a lot of investors. When a coin is rugpulling is it always a deliberate widrawal of all the worth of a particular cryptocurrency without a warning. It is always important for us to know the type of coin we are investing on.

 

[Kingstone]

Though I heard about the squid game coin, and I also heard alot of persons experienced losses but I never knew this was what really happened. I think the coin became so popular in a short period because of the kdrama series squid game. Has any efforts been made to trace the culprit?

Binance has promised a few days ago that they are going to track down those behind the incident. It was alarming. I read that one man invested all his life savings of about $20,000.

 

[Kaffyfolla]

A rug pull is a malicious act in which crypto developers abandon a project and either take off with the project funds or sell off their pre-mined holdings, similar to pump and dump schemes. Rug pull scams are typically executed with the goal of draining all funds from investors.

 

[joy101]

Crypto Rug pull it is a coin or currency that support in withdrawing and is very important to everyone to invest in cryptocurrency because is funds to investors.

 

[eLdavis]

Binance has promised a few days ago that they are going to track down those behind the incident. It was alarming. I read that one man invested all his life savings of about $20,000.

I can only on imagine what that man in particular might be going though, am pretty sure there are others like him we are yet to hear about. Is binance the only plathfrom making a move on this issue?

 

[ahmedo24]

A rug pull is a malicious act in which crypto developers abandon a project and either take off with the project funds or sell off their pre-mined holdings, similar to pump and dump schemes. Rug pull scams are typically executed with the goal of draining all funds from investors.

That's true and we have seen a lot of rug pull especially in the shit coins that we are launched few months before the China crackdown, the lesson that we need to be very careful and the kind of coins to invest.

 

[Victorial]

This is very awful. I must pity those who have invested their life savings into this token. They benefited because of the popularity of the movie

 

[Justin]

I was not aware of the term Rug Pull but I did know what happened to Squid Game Token. I think this kind of things have happened multiple times.

 

[Sotherefore]

When a cryptocurrency is rugpulling, that means the founder of the cryptocurrency Has decided to sold out their high portion in the cryptocurrency they were holding.. it is a criminal activities because the owner of the project will abandoned the project leading to a relatively low and useless price, in this case your $1000 investment in the project can be reduced back to $10.

 

[Sincerem]

In a very simple explanation , rugpulling of cryptocurrency means that the cryptocurrency is no more valuable. It means that a trick has been applied by the founder to scam every investors all at the same time to render all their assets useless.

 

[Chibson]

Cryptocurrency rugpull is when a development team of a cryptocurrency withdraw all the liquidity. In that case nobody will be able to exchange the coin again.

 

[Bigron]

Have you heard of this term before? Just over a week ago, the owner of Squid Game Community Token (SGCT) is said to have engaged in Rug pull. This is a crypto scamming term in which the owner will run away all the funds leaving the investors with nothing.

It is defined as when a coin or currency suddenly has its support withdrawn or is removed from a decentralized asset or cryptocurrency without warning. Over $3 million was stolen by the owner as its token price went down to $0.

In a hostile act known as a rug pull, cryptocurrency owners abandon a project and either flee with the project cash or sell their earnings to another party, in a manner analogous to Ponzi schemes .
The primary objective of rug pull scams is to siphon off all investment monies.

 

[ghxstvecna]

A rug pull is a term used in the crypto community to refer to cryptocurrency projects that turned out to be exit scams, Crypto investors also experienced similar rug pull events during the Initial Coin Offering bubble in 2018.

 

[Lynaia]

Rug pull is when the total capital including the investors money on a crypto coin or token is removed by the owner or founder of the coin. It's usually a bad thing that can happen in crypto world

 

[GoldenLady]

Ruh pull happens with shitcoins mostly. Since there is no regulation who cam create one especially on the Binance smart chain, it became a hotspot for scammers who create something that looks promising but them withdraw all the liquidity.

 

[Laurentta]

I just heard about this crypto rug pull. This is really not a nice thing. It is purely a scam, i mean how can the owners run off with people's hard earned invested funds without any warning.