This is not good at all. It happens every time the fear and greed index is high. The greedier people become, the more money they will lose.
According to ZachXBT from the X platform, from March 12, 2024, until today, March 19, 2024, more than 796k SOLs (>$149.2M) have been ‘stolen’ or rug pulled from users in 33 presales.
Some of the so-called devs are creating bots on the X platform, announcing the new token, and then using their own funds to fake their presales inflow so they can lure people in.
The most recent rug pulled $MILK token
The most recent rug pull is the $MILK token created by @Sartoshi0x. The $MILK token presale received 7k SOL, and the dev promised that every SOL sent is ‘protected as it is burnt’, i.e., 7k SOL sent directly to LP.
That was wrong because he lied and sent 4434 SOL($746k) from the presale address to a new address and not to LP.
This is the transaction: https://solscan.io/tx/447sFAdukV428dbYY5p8gypLH5MpeTb5BwnZZ1uvrzX7U3YcX7CKffy5w8fnbMs59UbS9Chk2vxPu95Jq93pXFKR
He keeps telling his investors that he is sorry to everyone that he disappointed them. He keeps looking for excuses for the delayed airdrop process, blaming the SOL network for being too congested.
Many investors expressed discomfort and worry that they would never receive their tokens. Please follow ZachXBT on the X platform to get more information about this and about other rug pulls.
All the credits go to ZachXBT please follow him on X platform.
What is a rug pull?
A rug pull in the cryptocurrency world refers to a type of scam or fraudulent scheme where developers of a cryptocurrency project suddenly withdraw all their funds from the liquidity pool or project wallet, effectively stealing the money invested by unsuspecting investors. This action leaves the investors with worthless tokens or coins, as the sudden withdrawal typically causes the value of the cryptocurrency to plummet to zero or near zero.
How to protect against it
To protect against rug pulls, investors are advised to conduct thorough research on the team behind a project, the project’s code (if open source), liquidity lock periods (if liquidity is locked for a certain time, it’s a good sign), and the overall transparency and community engagement of the project.
Conclusion
In conclusion, you guys should stop being greedy because you will get burnt. Investigate who’s behind the project before investing in it. Ask your friends if they know anything about it. Anyway, guys, please be safe and don’t get burnt because it hurts; people sometimes lose their lives because of those idiots who try to rug pull.
