Rug pulls are most common in bull markets, but always remain vigilant.👀 Let's dive deeper into this definition and learn how to best deal with it 👇
Fake tokens, exit scams, Ponzi schemes and pump & dumps, there are numerous examples for all of them.Rug pulls are a type of exit scam in the cryptocurrency industry where the developers of a new project abandon it, and run away with the funds of unsuspecting investors. Rug pulls are almost unheard of on centralized exchanges, but happen quite often in the DeFi world.
The unsuspecting investor is left with worthless tokens, while the developer team runs away with the Ethereum . These scams work well on DEXes, because they allow any developer to list a token for free, without any vetting — the responsibility falls to the buyer of the token. Centralized exchanges generally go to great lengths to protect their client base.
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