Scammers Rug Pull 20 Projects Under 1hr of Launch, Siphoning $150k

A crypto researcher dubbed Rock took to the XRP platform to spotlight some staggering statistics about rug pull scams rocking the crypto sphere.

According to Rock, 20 rug pulls have occurred in under eight days, showcasing the alarming prevalence of fraudulent activities in the crypto market. Moreover, the researcher disclosed that the 20 rug pulls resulted in a loss of around $150,000 from the participating investors.

20 rugs
8 days
~$150k rug volume
still rugging right now

They made a killing this week, chaining one rug after another.

Launch coins like $feet $FOOT $GOBLIN $PARTY $UNEMPLOYED and 15 others, all rugged within 1hr.

Latest rug: https://t.co/CIKICgOI3t

Stalk on @ArkhamIntel pic.twitter.com/c6RrIHidLu

— Rock 🪨 (@DataaRocks) October 6, 2023

For context, rug pull means the scammer launches crypto projects, waits for people to invest in them, and then pulls the rug, which means they siphoned all the invested funds, leaving the investors with nothing.

The Scam is Still Active

Interestingly, the researcher noted that the bad actors behind the current rug pull episodes have not ceased operations. According to him, they are “still rugging right now.”

Furthermore, Rock highlighted this week has been exceptionally lucrative for the scammers in their exploit as they orchestrated a rug pull after another. He mentioned some of the launched cryptocurrencies that have been rugged.

The projects bear amusing and whimsical monikers such as UNEMPLOYED, FOOT, PARTY, and GOBLIN. Besides, the researcher stated that these scam projects were rug-pulled within an hour of launching.

In a rather astonishing twist, Rock reported that another rug pull occurred as he composed his tweet. According to the researcher, these fraudulent individuals appear to be “going strong” as they showed no respite or contemplation.

Rock’s tweet also included a link to DEXTools, which holds data on the latest rug pull scam. The developer’s most recent project, FEET, is yet to be rugged. At the time of reporting, it trades at $0.00000027159 with a 585.85% gain since its creation.

A to be rugged project | <span style=font weight 400>DEXTools<span>

Interestingly, the scam project has garnered a market cap of $17.1k with seven holders. While buy orders are observable, there is suspicion that they may originate from the fraudster himself. The strategy of self-purchasing is commonly employed to fabricate a facade of demand and authenticity.

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