The Rise of Rug Pull Scams in the World of Bitcoin and Altcoins - Latest cryptocurrency news

The Rise of Rug Pull Scams in the World of Bitcoin and Altcoins

One of the most disturbing events in the world of Bitcoin and altcoins is rug pull scams. Sudden fund withdrawals cause prices to plummet close to zero. Crypto investors who invest in altcoins on decentralized exchanges suddenly lose their assets. Today, four altcoins experienced such a development.

PeckShieldAlert closely monitors rug pull actions and shares such negative developments with the crypto world. According to PeckShieldAlert, the first rug pull case occurred in the IPMB altcoin, causing its price to drop by 100% and become zero. Looking at the details of the incident, it is observed that the address 0x9920…8F50 swapped 981.78 WBNB worth approximately $232,000 for 100.1001 IPMB, and with the emptying of the pool, the value of the token instantly dropped to zero.

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The second incident took place in the JWL cryptocurrency. The price of JWL dropped by 100% and became zero. When examined in detail, it reveals another rug pull case where the address 0x3d6b…D6522 swapped 31 WETH worth approximately $64,300 for 1 trillion JWL.

PeckShieldAlert reported that the third rug pull incident occurred in the WEB cryptocurrency. The 100% drop in the price of WEB indicates that token holders were scammed. In this incident, the address 0xc997…8f25 swapped 921.36 BNB worth approximately $218,000 for 100.1001 WEB. Thus, while the scammer made thousands of dollars, those who invested in the altcoin were left empty-handed.

The latest rug pull incident happened in CRE. Similar to other altcoin examples, the price of CRE also dropped by 100%. The token was swapped with a large amount of WBNB. PeckShieldAlert reported that the address 0xF0F2…C606 swapped 988.63 WBNB worth $233,700 for 100.1001 CRE.

Investors in the crypto world need to be cautious about such incidents. Just like in any other field, it should not be forgotten that there can be malicious actors in the cryptocurrency field. When investing in cryptocurrency, it is important to conduct comprehensive research on the project’s infrastructure, teams, and whether it fills a gap in the world. Otherwise, there may be no turning back from negative consequences.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
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