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[Sticky] What is Rug Pull in Cryptocurrency?


Mariya
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You buy crypto tokens or coins because you see it promoted on social media. You invest lot of money because it is cheap. In the coming days, you see the coin/token price going insanely high; it might go 2X, 3X, or even 5X and 10X. Then, something happens and the value of your coins/tokens becomes zero. Do you know what just happened?

It is a classic case of Rug Pull!

Rug Pull is a case when the developer or the promoter of the coin/token pulls way the investors money and disappears. Rug Pull frequently happens in the cryptocurrency spare. The latest example is Squid Game Token, or SQUID.


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Sincerem
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Rug pull isn't a nice one for cryptocurrency because it stir up the minds of investors thinking that a coins are scam after falling prey due to a rug pull coin promoted by a scammer. I don't pay attention to most of the shit coins because most of them are created for the purpose of scam. 


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Suba
 Suba
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Thanks for sharing, very valuable information about Rug Pull, so that we are not easily fooled by cheap coins promoted on social media, therefore before buying cheap coins we need to check the coin community, we also need to check what stages of the project are according to the plan, Venture Capital, code quality etc.


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Ana
 Ana
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Rug Pull is rampant in the cryptocurrency market because it is mainly decentralized with no law to control or central authority to look after the trade and investment. Rug Pull is also happens due to the fact that the developers of tokens and coins are anonymous. 


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TraderK
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The term really fits!! I've seen this happen to two of my online friends who invested some money and were bragging about how high their investment had risen...only to wake up days later to find that they lost their money.

When you invest, be prepared to lose money and if you can't afford to lose that cash, then only invest in what you can really afford to lose.


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Sharon
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What does one have to do to avoid getting involved in a rug pull while still investing in coins and tokens. It's such a new concept I wonder if regulations can be put in place within this decade. 


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Heatman
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I have been a victim of this on more than one occasion and the last one that happened with was SQUID but I have learnt my lesson and know exactly when to pull out once the coin boom up. 


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MisterBobbyPin
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Honestly it's sad how many people fall for these. I understand people want to make money, but you have to be careful.


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