How To Avoid Crypto Scams? Rug Pull, Honeypot Scams Explained

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Crypto scams like rug pull and honeypot, have you heard of them?

What is a rug pull?
A rug pull is a malicious scheme in which a bad actor takes away your investments from a liquidity pool. The term comes from the action of pulling a rug underneath someone so as to remove stability. While toppling you over, the scammer takes your crypto with them. This happens when an investor trades a token that they think might have some value. But in reality, the token is worthless. The developer has made it seem like it’s worth something by hyping it up on social media.

What is honeypot?
Honeypots are crypto scams that allow investors to purchase tokens but disable the selling of those tokens. The scammer would insert a code into their smart contracts which only permit certain addresses in their favour to sell the tokens. This then leaves the unsuspecting investors with worthless tokens.

One way to spot a honeypot is when there are a string of buys on the token with hardly to none sells. The price chart usually shows a continuous uptrend, baiting investors into buying it. Once the price has appreciated significantly, the scammer will begin selling their tokens until they have none left. Eventually, the price will depreciate so drastically that the token becomes worthless and investors are unable to get their crypto back.

This video guide teaches you how to spot scam tokens, and gives you top tips to avoid them!

Links Mentioned

Timestamps
00:00 Intro
00:30 What is a Rugpull?
01:37 What are Honeypots?
02:45 8 tips on spotting crypto scams
06:15 Final thoughts

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#Crypto #Rugpull #Honeypot

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To know more about rug pulls in detail and how to avoid them, you can watch this video here 👇🏻

CoinGecko

Why do you post scam coins in your website at all?

danielemartinelli

I've been rugged a few times and they all had a common link. They all had either a Telegram group that you could not comment on (there were comments but only from a select few praising how amazing the project was - fuelling my greed) or where promoted by a 'whale group' promising high returns and encouraging everyone to buy at a certain time, again comments were off. In this case there were previous posts showing examples of previous massive gains but again group members were disabled from commenting. Hence, my advice would be to steer clear of any group were you cannot comment (and thereby warn other investors of previous bad experiences).

jasonjames

Few hours later, CoinMarketCap makes a video about Rugpulls on their YouTube channel. 😅

GERARD

I value the information you dropped on us. As somebody inquisitive about recuperation, I like that you show devices you use to examine an organization prior to coming to a choice. It's now a hard choice to make and game to play, and with somebody showing the world procedures to safeguard themselves, this information is important.
Gratitude for getting some margin to impart this to the YouTube world. We love you
*Universal-Dispute*

borispomponius

Finally someone do understand what they are doing..👍

abod

As Binance owns bsc they should also do more to prevent malicious hosts.

Thatannoyingvoicetoldyoutodoit

its almost impossible diferentiate hidden gems from scams these days, you have no chance to find any token early these days.

josecarlosxyz

Pay attention to "rebase function" in the contract if a contract contains this function then it's a red flag.

svidetel_bitcoina

nice presentation coin gecko! easy to understand

AF-shqk

Very helpful tips....nice presentation. Thanks Gecko!

samuelmensahjnr

I got rugged by year rise token.
And also a call signals group I was a part of was actually a Honeypot.

funnybugga

This guy does more to prevent and stop online scammers than the FBI. You are a modern-day tech hero!!!! Why doesn't federal government or major security companies hire you. Thanks for retrieving back my USDT *softwarerecovery *

welgbajoseph

Wow do you know that resonate also helps you to spot rugs and honey pot?

Charles

make your own estimate....according to these criteria, esp. tokenomics, how many, if not scams, but at least shady projects are amongst the 150 coins ranked by MC?? I'm guessing more than half. Take away stable coins, research the use case for the rest, and lo and behold, you are left with about twenty (if at all) names, and even with these, things are not ideal

miropribanic