What is Rug Pull? How to Avoid Rug Pull-in Crypto in 2022
What is Rug Pull? How to Avoid Rug Pull-in Crypto. Things to Know About Rug Pull. Rug Pull is a type of scam where developers abandon a project and take their investors’ money.
What is Rug Pull?
is a malicious maneuver in the cryptocurrency industry where crypto developers abandon a project and run away with investors’ funds. Rug pulls usually happen in the decentralized finance (DeFi) ecosystem, especially on decentralized exchanges (DEXs), where malicious individuals create a token and list it on a DEX, then pair it with a leading cryptocurrency like Ethereum.
Once a significant amount of unsuspecting investors swap their ETH for the listed token, the creators then withdraw everything from the liquidity pool, driving the coin’s price to zero. The coin’s creators may even create a temporary hype around Telegram, Twitter, and other social media platforms and initially inject a substantial amount of liquidity into their pool to cultivate investor confidence.
How Does a Rug Pull Happen?
Rug pulls thrive on DEXs because these types of exchanges allow users to list tokens for free and without audit, unlike in centralized cryptocurrency exchanges. Furthermore, creating tokens on open-source blockchain protocols like Ethereum is easy and free. Malicious actors use these two factors to their advantage.
Note that decentralized exchanges such as Uniswap algorithmically determine the prices of tokens in a pool depending on the available balances. To ensure you don’t fall victim to a rug pull, check the liquidity in a pool. However, this is only the first step. You must also check if there is a lock on the token’s pool. Most reputable projects lock pooled liquidity for a certain period. Another major characteristic of a possible rug pull is a coin skyrocketing in price within hours. For example, a rug pull coin can move from 0 to 50X within 24 hours. This trick is meant to drive FOMO that leads more people to invest in the token.
In order for a project to be deemed “undruggable,” it means that there aren’t a significant amount of tokens held by the development team. Without the signature large amount of team-held tokens that could be taken in a rug pull or exit scam, a project could be considered unreliable. What is Rug Pull?
What is Rug Pull?
How to Avoid Rug Pull in Crypto
There are online tools that can help detect a rug pull, and Token Sniffer is one of them. For starters, Token Sniffer lists all the latest hacks and scam coins, so if you find a project on its list, then you know it’s a rug pull. Second, the site offers an automated audit for tokens, analyzing their smart contracts, liquidity, and how similar they are to other projects, offering users a risk score for each token.
Rug Doctor is another useful tool for spotting exit scams. The site analyzes the code of crypto projects, trying to identify the most common rug-pull strategies. Once Rug Doctor finds a high-risk token or Defi project, it lists it on its website, adding a risk score and breaking down the red flags found in the project. Rug Pull
Finally, for a high level of spam detection, you will need a blockchain explorer like Etherscan or Binance Smart Chain explorer. By searching for the token address of a cryptocurrency, a Token Tracker Page will appear, usually under the More Info section. The tracker will display the total supply, number of total holders, and transfers, and you should be able to click on Holders to also display the wallets holding the largest amounts of the token.
For new cryptocurrencies, if the top 10 wallets hold more than 20% of the token, or worse, a large percentage of the token is held in a single wallet, then this is a dangerous sign of a potential rug pull. If one or more of these top wallets sell all their tokens in an exit scam, the price of the crypto will crash.
Credit to FORKAST,NEWS
READ THIS POST Poly Network Hack, More Than $600 Million Stolen in PolyNetwork, Biggest Crypto Hack Ever
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What is Rug Pull?
ETH miners will become poor
ETH miners. Ethereum Merge has been delayed a couple of times now. Finally, we’re supposed to see it in August this year. At least Tim Beiko, Ethereum developer coordinator, says Eth Miner. Ethereum.
Ethereum Merge has been delayed a couple of times now. Finally, we’re supposed to see it in August this year. At least Tim Beiko, Ethereum developer coordinator, says that the probability of another delay THIS TIME is between 1%-10%. The last hope of ETH miners to stay afloat is slowly fading away.
The Merge, a big upgrade to the network that will introduce a proof-of-stake consensus mechanism instead of proof-of-work that requires mining, can reduce Ethereum’s energy consumption by about 99%.
For miners, this is devastating, since a lot of them have spent about $15 billion on graphics processing units (GPUs) alone, not to mention additional costs, such as electricity bills, etc.
If the legendary Merge happens, ETH miners will be left with no choice but to choose a new cryptocurrency for mining. Monero, Ravencoin and Ethereum Classic are the most popular choice so far
How to Import a Watch Address on Trust Wallet, Exclusive Update
Watch Address Trust Wallet, How to Import a Watch Address in Trust Wallet. This can be a great way to keep an eye on your funds in any wallet, but especially a cold wallet while still keeping the private keys off the internet.
What is a Watch Address?
A Watch Address is basically the receiving address or wallet address. Importing any supported Cryptocurrency address will allow you to view the tokens and collectibles, as well as transactions associated with the said address. When importing your address, you cannot do any transactions with the wallet.
This can be a great way to keep an eye on your funds in any wallet, but especially a cold wallet while still keeping the private keys off the internet.
Watch Address Image
What Watch Address Can Do?
- You can view that address’ transaction history
- You can view the volume and price of tokens associated with that address
- You can send tokens to that address
What Watch Address Cannot Do?
- You cannot send funds from that address to exchange (like Binance
- You cannot send funds from that address to another wallet
- You cannot sign smart contracts
- You cannot use the DApp browser
Importing a Watch Address on Trust Wallet
What is Trust Wallet?
Trust Wallet is an easy-to-use, actual multi-chain noncustodial wallet, which allows you to store and manage over 6 million crypto assets 528 including NFTs across 68+ blockchains—no more storing your assets 528 across multiple custody wallets or exchanges! You’ll have peace of mind knowing all your assets are in one safe place.
Your private keys are stored on your device and your assets 528 on-chain meaning you are in full control at all times. Trust Wallet gives you the ability to natively buy, swap, and stake 98 your favorite crypto without having to leave the app and also connect to dApps with the in-built DApp 165 browser.
Trust Wallet is used by over 50 million people worldwide!
Don’t have Trust Wallet yet? Download here: Trust Wallet App
Importing Wallet Address in Trust Wallet
We will now proceed to the process of importing a wallet address for viewing purposes. In this scenario, we will choose to Import an Ethereum wallet.
How to Access Wallet Import Screen
- Open Trust Wallet and then tap on Settings.
- In the Settings screen, you will find here Wallets.
- Tap on the “+” sign on the upper right to access the Import Screen. Tap on Ethereum. We are choosing Ethereum here, but of course, you can import any wallet within the supported chains seen on the import screen.
Type the Wallet Address on the Address tab of the Import Ethereum screen. Alternatively, you can scan the QR code(if you have one). Put a Name so that you can easily recognize the wallet. Once you are done typing, just tap on Import.
Don’t have Trust Wallet yet? Download here: Trust Wallet App
BNB Chain Network Upgrade, Trust Wallet and Binance will Support the Upcoming Upgrade on BNB Chain Epic
BNB Chain network. BNB Chain network upgrade allows for more computing power on BNB Beacon Chain for security and governance. BNB smart chain. BNB
BNB Chain network
This upgrade allows for more computing power on BNB Beacon Chain for security and governance. With this upgrade, DEX features are removed from BNB Beacon Chain, with the DEX features remaining on BNB Smart Chain.
BNB Chain network Upgrade
For Trust Wallet User
Trust Wallet will support the upcoming BNB Chain network upgrade. This will occur at the block height of 264,000,000, estimated on September 2, 2022, at approximately 6:00 UTC.
For Trust Wallet
- This will mean we are removing the exchange tab functionality for BNB Beacon Chain, which will not be present in the app for placing new orders.
Swaps of BNB will still be available.
For more info, click here
For Binance Users
Binance will support the BNB Beacon Chain (BEP2) and Beam (BEAM) network upgrades and hard forks.
- The BNB Beacon Chain (BEP2) network upgrade and hard fork will take place at the BNB Beacon Chain block height of 264,000,000, or approximately at 2022-09-02 06:00 (UTC). Deposits and withdrawals on the BNB Beacon Chain (BEP2) will be suspended starting from approximately 2022-09-02 05:00 (UTC).
- The Beam (BEAM) network upgrade and hard fork will take place at the Beam mainnet block height of 1,920,000, or approximately at 2022-09-02 09:00 (UTC) . Deposits and withdrawals for BEAM will be suspended approximately starting from 2022-09-02 08:00 (UTC).
- The trading of tokens available on BNB Beacon Chain (BEP2) and BEAM network will not be affected during the network upgrades and hard forks.
- The BNB Beacon Chain (BEP2) network upgrade and hard fork will take place at the BNB Beacon Chain block height of 264,000,000. The estimated time is for users’ reference only.
- The Beam (BEAM) network upgrade and hard fork will take place at the Beam mainnet block height of 1,920,000. The estimated time is for users’ reference only.
- Binance will handle all technical requirements involved for all users.
- The BNB Beacon Chain (BEP2) and Beam (BEAM) network upgrades and hard forks will not result in new tokens being created.
- We will reopen deposits and withdrawals for BNB Beacon Chain (BEP2) and Beam (BEAM) network once we deem the upgraded networks to be stable, and we will not notify users in a further announcement.
- Where any discrepancy arises between the translated versions and the original English version, the English version shall prevail.
For more information on the network upgrades and hard forks, please refer to the following:
BNB Beacon Chain Mainnet Godel Upgrade
Read More on BNB Chain network Upgrade, click here
How to Take your Crypto Knowledge to an Advanced Level
Crypto Knowledge. you’re missing one important fact. No one was born a trader with a 95% success rate on all trades. No one has raised a successful investor with a 10,000% ROI.
Crypto Knowledge Level
You probably follow a bunch of Telegram or YouTube channels related to crypto and think to yourself, “Sh%t, this guy knows so much, I could never come close to his level of success.
But you’re missing one important fact. No one was born a trader with a 95% success rate on all trades. No one has raised a successful investor with a 10,000% ROI.
The success you see is the result of battle-tested skills, tons of experience and years of learning. FYI, huge elements of such knowledge are derived from open resources that are also available to you
The Alpha Archives is a website created by crypto enthusiasts who wanted to gather the most valuable Twitter threads, podcasts, videos and articles about crypto in one place.
This archive contains 99% of the info you need to become an ADVANCED crypto user. Devour it and train your brain
Bit.Country has announced the launch of incentivized testnet in 2022
Bit.Country & Metaverse. Right now you can join their testnet competition in creating various metaverses on the platform. Bit.Country coin. Bit.Country token price. Bit.Country metaverse.
Bit.Country & Metaverse. The network is a platform & blockchain ecosystem for user-created metaverses, games, and dApps. Community owners, influencers, KOLs, and individuals can launch their own metaverses for their members, fans, followers, families, and friends.
Project partners include Animoca Brands, Moonrock Capital and others + this is probably one of the biggest metaverses that Polkadot will ever see.
Right now you can join their testnet competition in creating various metaverses on the platform.
- 1st-10th place: from 12 to 1 Raw land block units on the Canary Network on Kusama
- 10th-100th place: a limited edition NFT that will boost users’ staking rewards by 10% for 14 days
STEPS TO PARTICIPATE
Follow MetaverseNW and Bitdotcountry on Twitter
Create a Polkadot.js wallet if you haven’t yet
Go to the testnet website and complete the tasks specified in this article
Deadline: July 28
Details: CLICK HERE
Know more about Bit.Countr