• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Trader Earns Millions Manipulating Meme Coins

user avatar

by Giorgi Kostiuk

2 years ago


  1. How a Crypto Trader Scams Users
  2. Pump.Fun Employee Arrested for Fraud
  3. Conclusion

  4. Recently, YouTuber NFT Nate interacted with Phantom, an anonymous crypto trader, to learn about his money-making skills with rugging.

    How a Crypto Trader Scams Users

    Phantom described a simple way of making money with minimum capital, which he calls 'brain-dead-easy method.' This approach involves using high-tech tools like Pump.Fun and DogWiffTools to create and promote fake tokens. Users, attracted by high demand signals and purchase records, invest in these tokens. Scammers then use the 'Dump all' command to sell all their holdings at once, crashing the market and leaving investors with worthless tokens.

    I interviewed a self-proclaimed PumpFun rugger who has made over $200K rugging coins. Here's what he does.@0x__Phantom

    Pump.Fun Employee Arrested for Fraud

    NFT Nate's video also highlighted the arrest of a former Pump.Fun employee who stole $1.9 million using the platform for fraudulent activities. He advised users to stop using the platform and withdraw their funds due to the company's ill-intentioned plans. NFT Nate noted that about 98.5% of tokens, especially meme tokens, get dumped before reaching crypto exchanges.

    Conclusion

    As the crypto industry develops, new fraudulent schemes emerge. One such scheme is 'rugging,' or a sniper attack, where fake tokens are created to scam users. This was made clear after NFT Nate's interview with Phantom, who makes $60K a week on such fraudulent schemes.

    The crypto industry continues to face various fraudulent activities like 'rugging.' Users should be vigilant and cautious about investing in new tokens without thorough checks.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Bitcoin Long-Term Holder Supply Turns Positive Again

chest

Bitcoin's long-term holder supply has shifted back into positive territory, indicating a change in investor behavior.

user avatarArif Mukhtar

Ethereum's Price Structure Compared to Netflix's Historical Trading Pattern

chest

Crypto analyst Crypto Tice compares Ethereum's price structure to Netflix's trading behavior from 2003 to 2009, suggesting a potential breakout after long-term stagnation.

user avatarMaria Gutierrez

Moo Deng Meme Coin MOODENG Surges 65% Following Intruder News

chest

The Solana meme coin MOODENG has surged 65% in the last 24 hours following news of an intruder fined for entering Moo Deng's enclosure.

user avatarDavid Robinson

Man Fined for Intruding on Viral Hippo Moo Deng's Enclosure

chest

A man has been fined 300 for unlawfully entering the enclosure of the viral pygmy hippo Moo Deng at Khao Kheow Open Zoo.

user avatarAndrew Smith

SEC Drops Lawsuits Against Major Crypto Firms, Acknowledges Past Mistakes

chest

The SEC has dropped seven lawsuits against major crypto firms, including Binance and Coinbase, acknowledging past mistakes in resource allocation.

user avatarJacob Williams

Ripple Achieves Major Milestones in Legal and Regulatory Landscape

chest

Ripple has made significant progress since 2018, overcoming legal challenges and expanding its services while gaining regulatory recognition.

user avatarZainab Kamara

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.