• 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 Threatens to Break Previous Monthly Cycle High

chest

Bitcoin is nearing a critical point where it may break the previous monthly cycle high of 61,359, a first in its history.

user avatarAndrew Smith

Taylor Lindman Appointed as Chief Counsel of SEC Crypto Task Force

chest

Taylor Lindman has been appointed as the new Chief Counsel of the SEC's Crypto Task Force, focusing on compliance and legal guidance for digital assets.

user avatarJacob Williams

Potential Changes in Bitcoin Derivatives Markets Following CLARITY Act

chest

Market expert MartyParty highlights that the CLARITY Act could lead to significant changes in Bitcoin derivatives markets, enhancing CFTC authority and encouraging institutional participation.

user avatarZainab Kamara

Crypto Investment Funds Face Continued Outflows Amid Market Slowdown

chest

Crypto investment funds have faced a fifth consecutive week of net outflows, totaling approximately $4 billion over five weeks, with a significant decline in trading activity.

user avatarAyman Ben Youssef

Blockchain Association Unveils New Tax Principles for Digital Assets

chest

The Blockchain Association has introduced a framework to guide lawmakers on digital asset taxation as discussions around the CLARITY Act continue.

user avatarSon Min-ho

Market Leverage Ratio Declines, Indicating Reduced Speculative Positioning

chest

The Estimated Leverage Ratio in the crypto derivatives market has sharply declined, suggesting a reduction in speculative positioning and a calmer market environment.

user avatarTando Nkube

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.