Warning for newbies in the cryptocurrency circle: Revealing the operating mechanism of the "Pixiu Plate" trap
Newbies entering the cryptocurrency circle should be wary of a fraud model called "Pixiu Plate", whose operating process is closely linked and extremely confusing.
Phase 1: Bait laying
Fraudsters carefully construct smart contracts containing traps, and use them as a carrier to throw out false promises of high returns as bait to lure uninformed investors into the trap.
Phase 2: Temptation and manipulation
Once you are attracted by these tempting profits, the scammers will use various means to persuade you to buy the cryptocurrency or related products they promote. In the process, you may observe the illusion of rapid price increases, which further stimulates your desire to buy, prompting you to continue to increase your position until you think you have reached the ideal increase and try to sell. However, when you try to cash out, you find that you can no longer sell the currency in your hand smoothly.
Phase 3: Harvest and disappearance
When the scammers perceive that your desire to buy has weakened or that their expected returns have been achieved, they will quickly take action to manipulate the market to return the currency value to zero. Afterwards, they will block the victim and disappear completely, leaving a mess behind.
As a novice in the cryptocurrency circle, you must remain highly vigilant and carefully identify and assess the risks of any investment opportunities that promise high returns. Do not blindly follow the trend to avoid falling into fraud traps such as "Pixiu Plate".