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A "rug pull" is a scam, similar to an exit scam or a pump and dump scheme, in which the developers of an NFT or other blockchain project hype the value of a project to pump up the price and then suddenly sell all their tokens to lock in massive profits or otherwise abandon the project while removing liquidity, permanently destroying the value ...
There are many NFT crypto scams and many ways hackers seek to profit off the NFT trend. Understanding the most common NFT scams can help you keep your investment safe.
Journalists and players responded positively to Valve's decision as blockchain and NFT games have a reputation for scams and fraud among most PC gamers, [103] [111] and Epic Games, which runs the Epic Games Store in competition to Steam, said that they would be open to accepted blockchain games in the wake of Valve's refusal. [112]
As the scam unraveled, investors were left with substantial losses, while the developers of Squid Coin disappeared from the public eye, taking an estimated $3.38 million with them. [3] [12] The project's website, which had previously been active, disappeared along with its social media accounts, further erasing any trace of its existence. [13]
In mid-July, Verified Market Reports stated that the global NFT market had reached nearly $11.32 billion and was on pace to top $232 billion by 2030. With that much money changing hands, one thing ...
As non-fungible tokens grow in value and popularity, they have become a target for hackers and cyber thieves. Just as artwork in the real world can be stolen -- and the most valuable pieces are ...
• Don't use internet search engines to find AOL contact info, as they may lead you to malicious websites and support scams. Always go directly to AOL Help Central for legitimate AOL customer support. • Never click suspicious-looking links. Hover over hyperlinks with your cursor to preview the destination URL.
The largest scam occurred in April 2021, where the two founders of an African-based cryptocurrency exchange called Africrypt, Raees Cajee and Ameer Cajee, disappeared with $3.8 billion worth of bitcoin. [155] Additionally, Mirror Trading International disappeared with $170 million worth of cryptocurrency in January 2021. [155]