One common scam in crypto is known as a “rug pull,” where a developer or creator will promote a project such as a new coin or NFT release and then disappear with investor money. rosieperper advises on how to spot and avoid these scams:
The emerging DeFi space is prone to rug pull scams because of the lack of intermediaries involved in transactions and the potential for. Additionally, many new cryptocurrency projects start out in the same place – a new, attractive token will emerge and investors will pour money into the project hoping that it rises in value – making these types of scams even more difficult to detect early on.
“Rug pulls are prevalent in DeFi because with the right technical know-how, it’s cheap and easy to create new tokens on the Ethereum blockchain or others and get them listed on decentralized exchanges without a code audit,” Chainalysis explains. Code audits allow third parties to conduct security checks, ensuring that any smart contracts associated with the token are free of vulnerabilities.
Rug pull scams are also common in the NFT space, where heightened interest in crypto art and a constant influx of new projects have created an attractive environment for scammers. Many new collectors are still figuring out how to navigate the space, and popular projects like CryptoPunks have yieldedRug pull scams may not always be obvious, though there are ways to better detect these types of fraudulent projects and keep yourself safe.
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