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Overview
Rugpulling has become a notorious term in the Web3 space.
It describes a scenario where developers suddenly abandon their project, taking the funds invested by the community and leaving the project to collapse.
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DeFi x Rugpull
Rugpulling is particularly prevalent in the DeFi sector, especially on decentralized exchanges (DEXs).
This is because DEXs allow anyone to create a token with relative ease, often without the rigorous checks and balances that are standard on centralized exchanges (CEXs).
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How It's Done ↓
A rugpull typically begins with the creation of a token on a DEX like Uniswap or PancakeSwap.
The developers then add liquidity to the project, making it seem legitimate and ready for trading.
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Social Media x Rugpull
Once the token is launched, the developers often employ aggressive marketing tactics to attract investors. They may use influencers, celebrities, and social media platforms like X, Telegram, and Discord to build hype and create a sense of urgency.
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...A Honeypot?
Investors, lured by promises of massive returns, start buying into the token. Many are convinced by the potential for high profits and invest significant amounts of money, unaware that they are being set up for a fall.
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The Dump
When the developers have made enough profit, they pull out the liquidity they initially provided, causing the token’s value to crash. This sudden withdrawal leaves investors with worthless tokens, and the project is effectively dead.
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DYOR || Cffiry
To avoid falling victim to a rugpull, it’s crucial to do thorough research before investing.
Look for projects with locked liquidity, avoid those offering unrealistic returns, and be wary of projects that rely heavily on hype and celebrity endorsements.
Due diligence is your best defense in the DeFi space.
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IDEAS CURATED BY
Web3 Tutor • Demo Trader • Web3 Hacker In-view • Dr. In-view • Blockchain Researcher • Bitget Ambassador • SMM (GIDA) • News Writer (DiutoCoinNews) • Cover Enthusiast
CURATOR'S NOTE
...the crypto technique you will learn here is "Cffiry". I termed it that, with it, you will defeat rugpulls.
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