Here are some of the biggest crypto rug pulls – we can add to this list on a near dail basis but I do recommend people looking into these in more detail.
Why – identify the warning signs.
- OneCoin: Estimated loss: Over $4 billion. OneCoin was a Ponzi scheme that promised investors high returns, but ultimately disappeared with investors’ funds. Its creators, including Ruja Ignatova, are still at large.
- Thodex: Estimated loss: Over $2 billion. Thodex was a Turkish cryptocurrency exchange that suddenly shut down, leaving investors unable to access their funds.
- AnubisDAO: Estimated loss: $60 million. AnubisDAO was a decentralized autonomous organization (DAO) that promised investors high returns, but its developers disappeared with the funds.
- Uranium Finance: Estimated loss: $50 million. Uranium Finance was a DeFi project that promised high yields, but its developers pulled the rug, leaving investors with worthless tokens.
- Meerkat Finance: Estimated loss: $31 million. Meerkat Finance was another DeFi project that experienced a rug pull, with its developers selling off their tokens and disappearing.
- Arbix Finance: Estimated loss: $10 million. Arbix Finance was a DeFi project that promised high yields, but its developers pulled the rug, leaving investors with losses.
- Luna Yield: Estimated loss: $10 million. Luna Yield was a DeFi project that experienced a rug pull, with its developers selling off their tokens and disappearing.
- Snowdog: Estimated loss: $10 million. Snowdog was a DeFi project that promised high yields, but its developers pulled the rug, leaving investors with losses.
- Squid Game Token: Estimated loss: $3.36 million. The Squid Game Token was a cryptocurrency project inspired by the popular Netflix series, but its developers disappeared with investors’ funds.
- TurtleDEX: Estimated loss: $2.4 million. TurtleDEX was a decentralized exchange that experienced a rug pull, with its developers selling off their tokens and disappearing.
Some common characteristics of these rug pulls include:
- Hype and false promises of high returns
- Lack of transparency and accountability from developers
- Abrupt price movements and sudden withdrawals of funds
- Use of social media influencers and marketing campaigns to attract investors
- Disappearance of developers and lack of communication with investors
It’s essential to be cautious when investing in cryptocurrencies and DeFi projects, and to thoroughly research the project’s team, tokenomics, and community engagement before investing.
I would go as far as saying if a social media influencer or some sort of celebrity endorses a token – AVOID IT.
Some of the biggest scams have been around these influencers using there extensive fan base, sycophantic followers or simply room level IQ people who believe that these people have their interests and care about their followers.
Spoiler alert – they don't, they care about money and they do not care about people losing their hard earned cash on garbage.
FOLKS PLEASE LEARN FROM THESE SCAMS