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Anybody who is cryptocurrency, must have already encounter the term "rug pull" and we of course associate it with project that are scams or frauds. Now let's learn what this means and how we can avoid them. There are ways we can detect them and never be another victim of their evil intentions.
What is a rug pull in cryptocurrency?
A rug pull is a type of crypto scam that occurs when a team pumps their project’s token before disappearing with the funds, leaving their investors with a valueless asset.
Rug pulls happen when fraudulent developers create a new crypto token, pump up the price and then pull as much value out of them as possible before abandoning them as their price drops to zero. Rug pulls are a type of exit scam and a decentralized finance (DeFi) exploit.
Continue reading: HERE! (https://cointelegraph.com/explained/crypto-rug-pulls-what-is-a-rug-pull-in-crypto-and-6-ways-to-spot-it?utm_content=buffere7008&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer)