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What are Crypto Rug Pulls? How to Avoid Meme Coin Rug Pulls?
Investing in meme coins can sometimes be risky. Due to lack of research, many investors get to experience rug pulls. When you get the rug pulled, your investment disappears in the blink of an eye. Let's spot potential rug pulls and a guide on how to protect yourself from them.
Spotting Rug pulls
You can spot rug pulls when your funds disappear in a matter of seconds. mostly happens when the deployer of the token is not renounced and the contract is mutable. Sometimes the price of meme coins seems high, but there is no liquidity, which means there is no room for trade in that coin (you can't buy nor sell).
There are some other ways to find potential rug pulls. Some developers allow the option to mint more tokens; because of that, the supply of the token may increase and the price of that particular coin may decrease.
Moreover, developers can modify the buy-sell tax percentage of the token. If they increase the sell tax, you will not be able to sell your token, and you will be trapped in that trade.
How do you protect yourself from Rug pulls?
There are websites like rugcheck.xyz, birdeye.so, or dextools.io that allow users to paste the token address and check the audits of the coins, including minting authority, low liquidity, or high token holding.
Secondly, check the top holders of a particular meme coin. If a small number of addresses holds a large amount of tokens, consider not investing in that coin.
Moreover, verify if the ownership of the token is renounced, which means that the developer of the token cannot modify the token and has no control over the contract.
Check the activity of the community of a meme coin on social media platforms like Twitter, Telegram, or have a website. Verify if the community is organic and engaging.
Spotting Rug pulls
You can spot rug pulls when your funds disappear in a matter of seconds. mostly happens when the deployer of the token is not renounced and the contract is mutable. Sometimes the price of meme coins seems high, but there is no liquidity, which means there is no room for trade in that coin (you can't buy nor sell).
There are some other ways to find potential rug pulls. Some developers allow the option to mint more tokens; because of that, the supply of the token may increase and the price of that particular coin may decrease.
Moreover, developers can modify the buy-sell tax percentage of the token. If they increase the sell tax, you will not be able to sell your token, and you will be trapped in that trade.
How do you protect yourself from Rug pulls?
There are websites like rugcheck.xyz, birdeye.so, or dextools.io that allow users to paste the token address and check the audits of the coins, including minting authority, low liquidity, or high token holding.
Secondly, check the top holders of a particular meme coin. If a small number of addresses holds a large amount of tokens, consider not investing in that coin.
Moreover, verify if the ownership of the token is renounced, which means that the developer of the token cannot modify the token and has no control over the contract.
Check the activity of the community of a meme coin on social media platforms like Twitter, Telegram, or have a website. Verify if the community is organic and engaging.
đ Jump Trading cashed out 440 million USD?
Since Jump Trading started selling $ETH on July 24, they withdrew 606M $USDC from Binance and deposited 440M $USDC to Coinbase.
The $USDC deposited into #Coinbase is likely to be exchanged for USD at 1:1.
https://etherscan.io/address/0x4f1a5a5d258522254933a6da9648c57fe230d17e#tokentxns
Since Jump Trading started selling $ETH on July 24, they withdrew 606M $USDC from Binance and deposited 440M $USDC to Coinbase.
The $USDC deposited into #Coinbase is likely to be exchanged for USD at 1:1.
https://etherscan.io/address/0x4f1a5a5d258522254933a6da9648c57fe230d17e#tokentxns
Avoiding P2P cryptocurrency scams in Pakistan requires a combination of technical precautions and common sense.
1. Use trusted exchanges: Stick to well-known and reputable P2P exchanges like Binance P2P, LocalBitcoins, or Paxful, which have strong security protocols.
2. Verify user reputation: Check the reputation, ratings, and transaction history of the other party. Most platforms provide this information to help users make informed decisions.
3. Enable two-factor authentication (2FA): Protect your accounts by enabling 2FA. This adds an extra layer of security beyond just your password.
4. Use escrow services: Always use escrow services provided by the P2P platform. This ensures that the cryptocurrency is held by the platform until both parties confirm the transaction.
5. Avoid off-platform transactions: Scammers may try to convince you to complete the transaction off-platform to avoid fees or for a better rate. Always conduct transactions through the platformâs secure system.
6. Be cautious with new users: Be extra cautious when dealing with new users who have little or no transaction history or reputation.
7. Double-check transaction details: Carefully verify all transaction details before confirming a trade. Ensure the amount, wallet address, and other details are correct.
8. Communicate through platform: Keep all communications within the platformâs messaging system. This provides a record of your interactions that can be helpful if a dispute arises.
9. Avoid public Wi-Fi: Avoid conducting P2P transactions over public Wi-Fi. Use a secure, private internet connection to protect your information.
10. Educate yourself on common scams: Stay informed about common P2P crypto scams, such as fake payment proofs, chargebacks, and phishing attempts.
11. Know your rights and responsibilities: Familiarize yourself with the platformâs terms and conditions, dispute resolution process, and your rights as a user.
1. Use trusted exchanges: Stick to well-known and reputable P2P exchanges like Binance P2P, LocalBitcoins, or Paxful, which have strong security protocols.
2. Verify user reputation: Check the reputation, ratings, and transaction history of the other party. Most platforms provide this information to help users make informed decisions.
3. Enable two-factor authentication (2FA): Protect your accounts by enabling 2FA. This adds an extra layer of security beyond just your password.
4. Use escrow services: Always use escrow services provided by the P2P platform. This ensures that the cryptocurrency is held by the platform until both parties confirm the transaction.
5. Avoid off-platform transactions: Scammers may try to convince you to complete the transaction off-platform to avoid fees or for a better rate. Always conduct transactions through the platformâs secure system.
6. Be cautious with new users: Be extra cautious when dealing with new users who have little or no transaction history or reputation.
7. Double-check transaction details: Carefully verify all transaction details before confirming a trade. Ensure the amount, wallet address, and other details are correct.
8. Communicate through platform: Keep all communications within the platformâs messaging system. This provides a record of your interactions that can be helpful if a dispute arises.
9. Avoid public Wi-Fi: Avoid conducting P2P transactions over public Wi-Fi. Use a secure, private internet connection to protect your information.
10. Educate yourself on common scams: Stay informed about common P2P crypto scams, such as fake payment proofs, chargebacks, and phishing attempts.
11. Know your rights and responsibilities: Familiarize yourself with the platformâs terms and conditions, dispute resolution process, and your rights as a user.
Avoiding P2P cryptocurrency scams in Pakistan requires a combination of technical precautions and common sense.
1. Use trusted exchanges: Stick to well-known and reputable P2P exchanges like Binance P2P, LocalBitcoins, or Paxful, which have strong security protocols.
2. Verify user reputation: Check the reputation, ratings, and transaction history of the other party. Most platforms provide this information to help users make informed decisions.
3. Enable two-factor authentication (2FA): Protect your accounts by enabling 2FA. This adds an extra layer of security beyond just your password.
4. Use escrow services: Always use escrow services provided by the P2P platform. This ensures that the cryptocurrency is held by the platform until both parties confirm the transaction.
5. Avoid off-platform transactions: Scammers may try to convince you to complete the transaction off-platform to avoid fees or for a better rate. Always conduct transactions through the platformâs secure system.
6. Be cautious with new users: Be extra cautious when dealing with new users who have little or no transaction history or reputation.
7. Double-check transaction details: Carefully verify all transaction details before confirming a trade. Ensure the amount, wallet address, and other details are correct.
8. Communicate through platform: Keep all communications within the platformâs messaging system. This provides a record of your interactions that can be helpful if a dispute arises.
9. Avoid public Wi-Fi: Avoid conducting P2P transactions over public Wi-Fi. Use a secure, private internet connection to protect your information.
10. Educate yourself on common scams: Stay informed about common P2P crypto scams, such as fake payment proofs, chargebacks, and phishing attempts.
11. Know your rights and responsibilities: Familiarize yourself with the platformâs terms and conditions, dispute resolution process, and your rights as a user.
1. Use trusted exchanges: Stick to well-known and reputable P2P exchanges like Binance P2P, LocalBitcoins, or Paxful, which have strong security protocols.
2. Verify user reputation: Check the reputation, ratings, and transaction history of the other party. Most platforms provide this information to help users make informed decisions.
3. Enable two-factor authentication (2FA): Protect your accounts by enabling 2FA. This adds an extra layer of security beyond just your password.
4. Use escrow services: Always use escrow services provided by the P2P platform. This ensures that the cryptocurrency is held by the platform until both parties confirm the transaction.
5. Avoid off-platform transactions: Scammers may try to convince you to complete the transaction off-platform to avoid fees or for a better rate. Always conduct transactions through the platformâs secure system.
6. Be cautious with new users: Be extra cautious when dealing with new users who have little or no transaction history or reputation.
7. Double-check transaction details: Carefully verify all transaction details before confirming a trade. Ensure the amount, wallet address, and other details are correct.
8. Communicate through platform: Keep all communications within the platformâs messaging system. This provides a record of your interactions that can be helpful if a dispute arises.
9. Avoid public Wi-Fi: Avoid conducting P2P transactions over public Wi-Fi. Use a secure, private internet connection to protect your information.
10. Educate yourself on common scams: Stay informed about common P2P crypto scams, such as fake payment proofs, chargebacks, and phishing attempts.
11. Know your rights and responsibilities: Familiarize yourself with the platformâs terms and conditions, dispute resolution process, and your rights as a user.