Understanding Social Media's Dual Role In Promoting Crypto-Rugpulls & Acting As A Watchdog | Hacker Noon

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Understanding Social Media's Dual Role In Promoting Crypto-Rugpulls & Acting As A Watchdog | Hacker Noon
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'Understanding Social Media's Dual Role In Promoting Crypto-Rugpulls & Acting As A Watchdog' by dan_jgs cryptocurrency rugpulls

This was not a one-off event as cryptic tweets have time and again dribbled the market around.

Adding onto the impact of social media is the new wave of scammers and frauds who, under the banner of investment advisors. From bogus ICO launches to fake giveaways, the masks worn by the perpetrators are diverse. Scams in the crypto space have grown into being one-off thefts to collective efforts with the potential of siphoning millions of dollars. Nowadays, scammers are building DeFi products as camouflage for their scams.

Since their real identity is masked, there is a negligible window of opportunity to find the scammers and proceed with any legal action.Volatility is a prime feature of the crypto market. As much as it has contributed to individuals getting wealthy, it has also devastated the lives of many. Similarly, it has discouraged many from entering the crypto market.

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