RUG PULLS IN CRYPTO #shorts #crypto #bitcoin #viralshorts

DAY 6 OF CRYPTO TERMS

Number 6 is Rug Pulls.

When the project founders or creators ditch the project and abscond with investor's fund.

Rug pulls have been common in many spaces but have been easier to do in the crypto space since it's inception.

Meme Coins gave a rise to this trend too where everyone is chasing those Dogecoin like gains and being greedy end up losing a lot of their funds..

ICO scams are probably the most common type of crypto scam. ICOs are a popular way to raise money for new cryptocurrencies. They work like this: a company will create a new cryptocurrency and offer it to the public in the form of “tokens”. These tokens can then be used to buy the company’s products or services.

The problem with ICO scams is that they’re often nothing more than a Ponzi scheme. That means that the company that’s creating the cryptocurrency isn’t actually going