The End of NFT Rug Pulls?
The ERC-721R standard guarantees refunds for non-fungible tokens, offering greater security for buyers and legitimacy for creators. But risks remain for both sides. Original Source
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Rug
DOJ cracks down on ‘rug pulls’, charging Frosties NFT project founders
The Department of Justice (DOJ) has taken action against an alleged NFT rug pull, after it slapped the founders of the Frosties project with charges relating to fraud and money laundering. The two founders are accused of purposely concealing their identities to operate a rug pull on the Frosties community
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US Justice Dept. Charges 2 in NFT ‘Rug Pull’ Scheme
Ethan Nguyen and Andre Llacuna, who prosecutors say are Frosties's pseudonymous backers, defrauded their NFT investors of over $1 million when theft. Facing criminal conspiracy and financial crime charges, they are among the first criminal NFT defendants in the rug-pull era. Source
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What is a rug pull in crypto and 6 ways to spot it
There are several clear signs that investors can watch out for to protect themselves from rug pulls such as the liquidity not being locked and no external audit having been conducted. The following are six signs users should watch out for to protect their assets from crypto rug pulls.
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Cyber vigilante hunts down DeFi scammers running away with $25M rug pull
In the world of digital finance, where the weapon of choice for a heist is a computer rather than a semi-automatic firearm, tracking down scams and frauds from across the world becomes a near-impossible feat for centralized police forces. However, in an interview with Cryptox, an anonymous cyber vigilante shares insights
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CertiK’s identification of Crypto Cars as ‘rug pull’ was a false alarm
In a period of market downturns, rumors of crypto bans and decentralized finance, or DeFi scams, blockchain enthusiasts can be sensitive to the smallest abnormalities within projects they follow and sometimes erroneously fear for the worse. The day prior, CertiK, a leading cybersecurity ranking platform in the blockchain space, issued
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Chinese Police Arrest 8 People Related to $7.8M Rug Pull
In June 2021, an investor lost RMB 590,000 that he had invested in a crypto token, when the project owners siphoned the money, shut down the website, and were unreachable, Chizhou police said. Hundreds of investors lost RMB 50 million in the scam, the post said. Original Source
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Certik identifies Arbix Finance as a rug pull, warns users to steer clear
BSC-based yield farming protocol Arbix Finance was identified by blockchain security company Certik as a rug pull. According to the firm’s incident analysis, there were several reasons why the project was flagged. The security firm cites that the ARBX contract has mint() with onlyOwner function, 10 million ARBX tokens were minted
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Metaswap Gas incommunicado as experts link MGAS price drop to rug pull
Blockchain security company PeckShield has alerted investors of a possible rug pull event after identifying a massive 46.99% price drop on MetaSwap’s MGAS token. The MetaSwap protocol allows nonfungible token (NFT) swaps over the Ethereum, Binance and Polygon blockchains.Following the unexpected price drop, all official accounts linked with Metaswap Gas
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Beware of sophisticated scams and rug pulls, as thugs target crypto users
This year has been monumental for the cryptocurrency sector in terms of mainstream adoption. A recent report published by Grayscale Investments found that more than one-quarter of United States investors (26%) surveyed own Bitcoin (BTC), up from 23% in 2020. With the holidays around the corner, financial services provider MagnifyMoney also
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