Rug pulls are usually executed by cruel scammers who construct hype around their coins and then abandon the project, sprinting away with the money. These cryptocurrencies are generally done on trustworthy utility blockchains like Ethereum or Binance Chain
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Rug pull is a fraud manipulation method that doesn’t use phishing, hacking, and other hidden methods. This manipulation takes place publicly and that makes it more difficult to identify than other scams. Rug pull exploits one of the weaknesses of crypto assets: the power of viral information, FOMO (fear of missing out), and the crypto community’s ability to readily influence one another.
An investigative report explaining what cryptocurrency exit scams and DeFi rug pulls are, how they are carried out, and the tracing and investigations of such crypto frauds. Decentralised Finance or DeFi refers to financial applications built on top of blockchain systems with no central immediaries. As calculated by Coingecko, the market coin of the DeFi space has grown above $100B in 2021.
A cryptocurrency is just like a digital form of cash. You can use it to pay friends for your share of the bar tab, buy that new pair of socks you've been eyeing up 👀, or book flights ✈️ and hotels 🏨 for your next holiday. Because cryptocurrency is digital, it can also be sent to friends and family anywhere in the world.
Coin burning is a mechanism used to remove coins from circulation, reducing the total supply permanently. Many cryptocurrency projects perform periodic coin burns to create a deflationary effect. BNB adopts two coin-burning mechanisms, which will reduce its total supply by 50% in the long term.
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