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Crypto Rug pull – Do not Be the Next Victim

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Crypto Rug pull – Do not Be the Next Victim

Do not Be the Next Victim of a Crypto Rugpull or Honeypot

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Never trust anything without knowing all about it first! It could cost you if you aren’t careful. Do not be the next victim of a crypto rug pull or honeypot.

This Op-Ed explains the risks of a crypto “rug-pull” or honeypot. The U.S. Securities and Exchange Commission has published an investor bulletin about cyber criminals targeting investors and a Microsoft researcher explains how draining liquidity pools can tank an exchange even if the market price is stable. But first, what are crypto rug pull and crypto honeypot.

Cryptocurrency exchanges are financial institutions that allow people to buy, sell, and trade cryptocurrencies like Bitcoin and Ethereum. It is the go-to place for crypto investors. The crypto market has many t

Do not Be the Next Victim of a Crypto Rugpull or Honeypot
Do not Be the Next Victim of a Crypto Rugpull or Honeypothem.

 A crypto rug pull occurs when someone with malicious intent sets up an exchange that looks legitimate but has been constructed in such a way as to steal money and data of unsuspecting users.

It is a form of a crypto scam set up by crypto scammers.

A honeypot, on the other hand, refers to sites or servers that have been designed in such a way as to intentionally slow down your computer or give you misinformation so that you can be hacked by other malicious entities without your knowledge.

What is a Crypto Rug Pull

A rug pull is a con in which an individual tricks someone into investing funds in one cryptocurrency project, but then tricks them into investing in another. This tactic is often used by groups that run fraudulent initial coin offerings (ICOs). 

Once an investor has fallen for one type of scam, they will be more likely to fall for another. The term crypto rug pull was coined by fake startup PopChest and refers to pulling a virtual rug out from under someone’s feet once they have invested enough money. 

A honeypot con uses social media platforms like Facebook and Twitter to fool victims with promises of large returns on investments. Victims are directed to deposit funds into a digital wallet address, whereupon their coins are stolen. 

Cryptocurrency projects should never ask you to send money directly to their wallets; instead, they should always provide you with an official token sale address via email or other communication channels. 

Don’t let yourself become a victim! Learn how to spot these scams so you can avoid becoming yet another statistic.

What is a Bitcoin Honeypot

A honeypot is a term for an enticing system that acts as bait to attract and trap hackers. A sweet target if ever there was one, right? That’s why it’s important to be careful before you jump into any cryptocurrency investing pool. 

If you’re going to invest in cryptocurrency, try to do so on your own terms. Remember: Don’t follow what everyone else is doing-especially if they offer it up as easy money. Make sure you are in control of your own hard-earned money and don’t let someone else take advantage of you because they are willing to fake their way through an impressive sales pitch. 

Recently, there have been over $5 billion worth of unauthorized crypto withdrawals. Do not be the next victim of a crypto rug pull or honeypot set up by cybercriminals.

Tokens, liquidity, and money does not always exist where you think there is. Copy and paste fake mask is a way to steal your password, your Ico credentials, and your hard-earned money.

Research everything! It’s always better to have too much information than not enough. You can never know too much about how something works until you start using it yourself. This will help ensure that you are making safe investments and protecting yourself from being taken advantage of by others who might want to scam you out of your money. 

Never trust anything without knowing all about it first! It could cost you big time down the road if you aren’t careful. 

How to Protect Yourself From Being Scammed

Don’t Fall for These Tricks When Investing in Crypto: If you’re investing in cryptocurrencies, you need to be careful about falling for scams and frauds. Scammers use lots of tricks that can make it difficult to distinguish between what’s real and what isn’t. 

This guide will walk you through how not to get scammed by crypto criminals so that you can remain confident in your investments.

Here are some tips on how to avoid being taken advantage of when dealing with cryptocurrency exchanges:

Remember that if something seems too good to be true, it probably is. Some things to look out for include fake accounts (and even admins) who claim they have giveaways; bot trading sites; and websites asking you to send them money in order to receive coins/fiat currency.

A few other ways people try scamming investors are by using phishing links and fake apps (which often resemble official ones).

As always, never invest more than you can afford to lose. With anything, but especially with cryptos. Never keep all your eggs in one basket and always do thorough research before buying into an ICO. 

Don’t fall for guaranteed returns and don’t trust anyone else to handle your money-it’s not worth it if you lose everything. And finally… don’t forget that while cryptocurrency markets are still largely unregulated there is one rule of thumb that has proven its value over time: Never invest in anything you don’t understand or anything that looks like a Ponzi scheme!

Learn more about the vulnerable contracts leaving millions exposed to fraud, scams, and mistakes. Cybercriminals thrive on such.

 Good exchanges do hire competent smart contract auditors that will deploy smart contract security protocols to protect their business, investors, and community.

Do not be the next victim of a cryptocurrency rug pull or honeypot attack. Defi protocols attacks can be detected instantly, fake token ICOs flagged in advance, and the attacker blacklisted on strong networks. Crypto investors are protected from scam token sales, and fraudulent ICO schemes and the Ethereum blockchain can be used for a transparent, immutable supply chain. These are put in place to prevent honeypot scams and rug pull scams. 

By using coinmarketcal.com to verify our smart contract address you will never fall for counterfeit scams.

 When investing in new cryptocurrency projects, you must be extremely careful of scam coins, fake airdrops, and phishing sites meant to steal your wallet information. 

Investing in crypto-assets can be scary, just act with caution. This isn’t investment advice. Do not risk more than you’re comfortable losing, ensure you have enough liquidity to sustain and keep in mind that you could lose everything.

If you’ve been the victim of a fraudulent investment scheme, don’t despair. There are steps you can take to recover your lost money. Contact a professional forensic hacker team like cyb4rgeek to help you get your life back on track.

 

Conclusion

It’s important to remain skeptical, to do your research, and never invest more than you can afford to lose. If something sounds too good to be true, it probably is. You should always ask yourself why someone wants to give you a token, who they are, and what they want in return. 

Remember that while it might be easy money now, in ten years we might look back at all of these new coins that were made simply for raising funds and recognize how naïve we were at first when thinking about them as real companies with their own products and services. 

In ten years tokens will only represent how many others joined us in chasing easy money instead of building something great together.

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