- Rug pull scam alert, a look into the rug pulls scam history and how you can avoid them
- Top 3 hot coins that can give you that potential 10-20X returns
- Vitalik makes the cut as one of the most influential figures of 2021
- El Salvador is in the market and shopping for more bitcoins
Crypto Scam Alerts
The DeFi industry is experiencing a rise in Crypto scams. The rise in scams can be attributed mainly to cryptocurrency’s decentralized nature. The DeFi network is plagued with several types of crypto scams. The most common type of DeFi crypto scam, however, is a rug pull.
Generally, rug pulls are crypto scams committed when developers run away with investor funds after abandoning a crypto project. A rug pull leaves investors with worthless cryptocurrencies. Furthermore, investors may be unable to recover their funds after a crypto project has been rugged.
Within the past few months, there have been several cryptocurrency rugs. Let us briefly consider three recent crypto rug pulls in the crypto space. These rugs are predominantly in the DeFi space.
Luna Yield made history on August 19 as it became the first crypto project in the Solana ecosystem to experience a rug pull. Initially, it marketed itself as a legitimate crypto project that aggregates and optimizes yield farming for investors. The project officially went dark after $6.7 million was raised in funding from investors through an iInitial DEX offering.
After a successful IDO, the devs team at Luna Yield moved the project funds to financial service Tornado Cash to prevent future traces of the funds. Additionally, the devs team shut down all social media platforms.
At the moment, Luna Yield cannot be reached on any social media platform. Solpad, the launchpad for new crypto projects, offers 60 percent returns to investors in a bid to offer some compensation.
Turtledex is another crypto project that was rugged by its developers—launched on March 15, the project aimed to help users keep data and preserve files without having to keep them on their computers.
Based on its claims, Turtledex was able to raise over $2.5 million in funding from investors. By March 19, the Turtledex devs team pulled liquidity from pancake swap and ape swap, converted the funds to Ether (ETH), and moved the funds to nine different wallets on Binance. Additionally, the project ended its presence on social media.
Built on the Binance smart chain, DeFi 100 is another crypto project rug pulled by its devs team. The manner of this rug pull was particularly public because the devs team left a message on their website, which stated, ‘We scammed you guys, and you can’t do shit about it.’ The DeFi 100 team stole over $32 million from investors in the wake of the rug pull. The team has since deleted their social media handles and shut down their website.
There will still be more rug pulls in the future due to the decentralized nature of the DeFi sector. However, crypto investors can protect themselves by carrying out careful research before investing in any project. Also, investors are urged only to put their funds in certified and reliable projects.
A good way to avoid rug pulls is to only buy cryptocurrencies that are listed on reputable exchanges like Binance, Kucoin or FTX
Top Three Hot Coins with 10-20X Potential
Investment opportunities abound in the cryptocurrency space. To exploit these opportunities, however, investors must quickly identify and invest in such projects rapidly. Let us take a quick look at three of the hottest crypto projects in the crypto space.
Coin98 is a new DEX platform and Defi liquidity aggregator that offers traders convenient cross-chain token trading, staking, and yield farming services. Users will also find lending opportunities on this dex platform.
The Coin98 or C98 token serves as the native coin for the Coin98 ecosystem. The C98 token has five primary functions on this Defi platform: transaction fees, staking, governance, lending, and product development.
Mina, formerly known as the Coda Protocol, is a crypto project with great growth potential. The Mina Protocol can best be described as a minimal and “succinct blockchain” built for controlling computational requirements attached to decentralized apps.
In simpler terms, the protocol aims to enhance the performance of Decentralized Apps. The protocol also seeks to create a distributed payment system that allows users to natively verify transactions from the genesis block.
Mina is unique in that its blockchain structure remains constant regardless of growth in usage. Consequently, Mina is regarded as the lightest blockchain on earth. Additionally, the protocol is entirely decentralized and secure.
The dYdX cryptocurrency exchange is quite well known among cryptocurrency traders and investors. Currently, the platform offers its services to over 64,000 traders and handles over $11 billion in crypto transactions daily. Similarly, the exchange has over $250 billion in flash transactions in its liquidity pools
In addition to serving as the dYdX exchange’s native token, dYdX also serves as the governance token of the exchange. The governance token provides community members with mining rewards, as well as staking pool participation. In addition, token holders receive discounts on exchange trades.
These crypto projects have the potential to experience immense growth over a short period. As a result, we urge our readers to check out these projects. However, make sure you carefully study each project before making any financial decisions.
Trending News in the Cryptocurrency Space
There have been several exciting events that have occurred in the crypto space within the past few days. Many of these events have a direct impact on the growth and acceptance of cryptocurrencies. Here is a quick recap of some of the most touching crypto events in recent days.
Vitalik Buterin: 100 Most Influential People of 2021
Times magazine has named Ethereum founder Vitalik Buterin in its 2021 list for 100 Most Influential People across the globe. Vitalik makes the list along with other top world personalities like US president Joe Biden, Tesla CEO Elon Musk, and Apple CEO Tim Cook. Vitalik’s ranking on the prestigious list points to the growing acceptance of cryptocurrencies across the globe, and it shows that DeFi is here to stay.
El Salvador Increases Its Bitcoin Holdings
Despite outrage and protests against the adoption of 2 by some sections in El Salvador, the government of the country increased its Bitcoin holdings by purchasing 150 more coins. With this purchase, the total number of Bitcoin owned by El Salvador now stands at 700 coins.
This move signifies that the El Salvadoran government has no intention to stop its Bitcoin project. It also clearly shows that the government will work to offer more education to citizens of its country on the subject. A successful launch and implementation of Bitcoin in El Salvador will surely benefit other countries looking to implement Bitcoin laws.