Crypto Bad Eggs: Faux ICOs, Exits Scams, Rugpulls and other avoidable dangers.

in zzan7 months ago



The year 2017 could still be considered one of the best year of crypto Booms until another massive surge involving all crypto/Alts and not just Bitcoin takes place. Its the year where most All Time High were attained and not toppled yet, but that year also came with a price: the season of Initial Coin offering scams and Exit Scams. That was the year where millions of Dollars was lost to Testnets projects that never became Mainnets, the era where investors were played right before their very own eyes just because they tried to fund promising projects, or so it seems.

Now its the era of DeFi, and it also came with another evil. Rug pulling is the new price to be paid, even the most legit looking projects have been rug pulled if you remember the Yam Finance saga and a few like that. There's always a cooked of story about hacks, but you and I shouldn't be oblivious to these acts, the bad players in the cryptosphere always evolve along with the current and newest trend on Blockchain technology.

From my records, it seems these is the chain of events whenever a bullrun or something incredibly magnificent comes up that puts the centralized entities closer to their demise. I mean, there were lesser evils during the long years of the bear market right? Fewer scams in the sense that many investors capitulated on the price crashes, while some continue buying into known projects and tokens, barely checking out any newer project(scam or legit) in those moments of extreme dips.

The Blockchain is like a filter, the crimes of the centralized financial systems will get filtered out irrespective of how much these bad players tries to use the loopholes to wreck havocs on different chains. From ICO scams to Rug pulling, and it doesn't stop there because newer dangers will suffice as long as there are different evolutionary ideas being birthed.

NFTs are the next big thing and its coming with its own dangers and headaches, so far so good there haven't been any foul play known and that's because massive adoption is coming with babysteps. In the next one year or more, the bad players on the chain will cause problems and for anyone following the sequence of events, getting prepared and staying alert is the best line of defence. Also, creating awareness like this would go a long way to save many crypto users of some avoidable pains.

Nothing good comes easy is the popular saying, this is very glaring in the cryptospace considering the dangers that comes with different phases in Blockchain evolution. Digital assets are life changing and a freedom tools, provided you so not fall victim to the crypto criminals always on the prowl looking for unsuspecting victims that will get caught in their traps. I have been a victim of rug pulling recently on Binance Smart Chain and it would make me more sad if I see others fall into the same trap I fell into, hence the reason for this awareness.

We are often our own worst enemies, but we could be our own best guide, unique sisters/brothers keepers if we continually share knowledge about the looming dangers that comes with each incredible game changing technology on the blockchain. I hoped you pass that message on, don't be a victim!

Posted Using LeoFinance Beta


what was the rug pulling i wonder

Lol, it was a project i bought in on BSC and the team dumped on the holders. Common in the DeFi space.