The BIGGEST SCAM in CRYPTO – Rug-pulls explained

The BIGGEST SCAM in CRYPTO – Rug-pulls explained

if you are active in the Solana
Community you cannot have missed it the
meme coin cze where every single coin
seems to go 50 or even 100x making money
with coins like this seems easy but
losing everything is even easier more
than 90% of the coins on Solana get rock
pulled meaning the Creator takes out
their liquidity and runs with the
profits to show you how bad this problem
truly is I have selected some of the
biggest recent scams on Solana we’ll
analyze how much profit the owners of
these projects made which scam tactics
they used and most importantly how to
avoid being Rock pooled
yourself the first example I’ve got for
you is a classic pre-sale Rock pool the
premise of a rock pool like this is that
a new coin is promoted all over social
media these influencers tell Their
audience that early investors can buy
this coin at the pre-sale for a low
price but right before the coin is
supposed to launch the team vanishes all
investors lose their money the team has
made a ton of Solana from pre-sale and
never even has to make the actual token
let’s take a look at a recent example
condom was a meme coin that at first
looked very promising they had a large
following with over 50k followers on
Twitter the team managed to make almost
5,000 salana during the pre-sale which
at the time was worth around 900,000 USD
then right before the coin was supposed
to launch their Twitter account
disappeared another way a rock pool can
be carried out is by holding a pre-sale
then actually launching the coin but
then just abandoned the project this
seems to be the most popular way for for
large Rock pools to be implemented a
large Rock pool that followed this
strategy is the Moi meme coin Moni
managed to raise over 37,000 Solana or
5.5 million USD during the pre-sale when
the time of the launch came they
actually launched the coin but soon
after the team abandoned the project
they deleted the official Twitter
account and the coin plummeted 99% in an
hour the owner claims he is trying to
fix this but I think we can confidently
say that this was an intentional Rock
pool another honorable mention is the
coin
called yeah you heard that right Twitter
user at Jared eth managed to raise over
4,500 salana in a pre-sale for a token
that he didn’t even bother to give a
name now I know that people in the
Solana mem coin space are not the
smartest of the bunch but if you
invested in this pre-sale I think you
kind of deserve to be Rock pooled the
problem with rock pools that work with a
pre-sale is that they are very hard to
detect as the coin has not officially
been launched yet you cannot check the
liquidity details or the tokenomics the
only thing you have is the team one
thing I noticed is that scam coins like
these often use a lot of smaller
influencers or even Bots to promote the
coin on Twitter if you see an influencer
pushing multiple different projects to
Their audience you can be sure that they
are profiting from this in one way or
another when looking for projects to
invest in make sure the activity is
organic instead of just influencers and
Bots finally I do also want to talk
about another type of rock pool common
on the salana Chain the liquidity Pool A
Team launches a coin and pushes in a
large amount of liquidity this makes the
project look legit sometimes these
projects have promotional campaigns on
Twitter or telegram but most of the time
the main source of traffic is Traders on
sites like Dex screener these Traders
see a new coin pop up with a large
liquidity and decide to invest in it
then after enough people have bought the
coin the team pulls out their initial
liquidity making it so you can no longer
sell their coins they run off with the
Solana put in by investors and are never
seen again luckily this type of rock
pool is easily avoided always make sure
that the liquidity of a project is
locked before you invest an easy way to
do this is by looking the project up on
Deck screener and checking for this lock
icon here you also want to make sure
that the fully diluted value is not much
higher than the market cap of the coin
this could mean that the owner still has
a large amount of the supply which he
could dump at any time and that’s it for
today’s lesson in rockpool safety please
leave a like if you’ve learned something
today and I’ll see you tomorrow

RugPulls have become an everyday occurance in the world of Crypto. Especially since the memecoin craze started taking off Rugpulls have become more and more common. In this video we will be taking a look at the Biggest Rug-Pulls that have recently occured on the Solana blockchain. We’ll be talking about $CONDOM and $MOONKE, and we’ll even witness a Rug-Pull live.

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