• 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

Dogecoin Faces Bearish Rejection from Ichimoku Cloud

chest

Dogecoin's price has faced a significant rejection from the Ichimoku cloud resistance zone, indicating a bearish trend.

user avatarArif Mukhtar

CreateOS Integrates Google Workspace for Seamless Workflow Automation

chest

CreateOS announces integration with Google Workspace CLI for terminal-executable operations, enabling efficient workflow automation.

user avatarMaria Gutierrez

AI Payments Drive Increased Stablecoin Usage

chest

The emergence of machine-to-machine payments is contributing to the rising frequency of stablecoin transactions.

user avatarDavid Robinson

Ripple CEO Highlights Risks of US Regulatory Inaction

chest

Ripple CEO Brad Garlinghouse warns that US regulatory inaction could lead to a loss of competitive edge in the crypto space, driving innovation and capital to more favorable jurisdictions.

user avatarAndrew Smith

Bitcoin Retests Bearish Flag Pattern Amid Market Volatility

chest

Bitcoin is currently retesting a bearish flag pattern, with analysts warning of potential further declines.

user avatarJacob Williams

Investor Sentiment Shifts Due to Economic Concerns

chest

Investor sentiment shifted significantly in the digital asset market due to inflation fears, changing expectations around US interest rates, and rising tensions in the Middle East.

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.