• 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

South Korea Mandates Real-Time Asset-Matching Systems for Crypto Exchanges

chest

The Financial Services Commission of South Korea mandates all domestic crypto exchanges to implement a new asset-matching system by the end of May 2023, shifting from 24-hour cycles to a 5-minute regime to enhance compliance and reliability.

user avatarLeo van der Veen

Growing Interest in Altcoins as Market Sentiment Shifts

chest

Growing interest in altcoins as market sentiment shifts, with Grayscale suggesting several altcoins may have entered a buy zone.

user avatarLi Weicheng

Indonesia Blockchain Week 2026 Set to Return

chest

Indonesia Blockchain Week IDBW, Southeast Asia's leading institutional Web3 conference, will return for its sixth edition on August 12-13, 2026, at the Jakarta International Convention Center.

user avatarAisha Farooq

Morgan Stanley Predicts S&P 500 Has Reached Its Floor

chest

Michael Wilson from Morgan Stanley believes the S&P 500 has hit its lowest point and will not fall further, suggesting a barbell investment strategy.

user avatarBayarjavkhlan Ganbaatar

Aave Achieves 346 Trillion in Lifetime Deposits

chest

Aave has reached a significant milestone with 346 trillion in lifetime deposits across 26 blockchains, reinforcing its position in the DeFi sector.

user avatarTenzin Dorje

Gulf Sovereign Wealth Funds Commit $24 Billion for Paramount's Acquisition of Warner Bros Discovery

chest

Three Gulf sovereign wealth funds have pledged nearly $24 billion in equity financing to support Paramount's acquisition of Warner Bros Discovery.

user avatarMohamed Farouk

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.