Everyday there is a new scam coin that is launched and takes people for a ride
Sometimes you can lose money without it being a scam, what if you buy then everyone else buys, its not a scam you just happened to get in at a bad time
Other times there was no malicious intent, just a vulnerability that is exploited
In this case, there was an exchange token that I had.
The token itself is deflationary.
But stakers of this got a share of the fees earned by the DEX (decentralized exchange)
Half the fees were burnt and the other half of the fees were distrusted to the stakers
Came out to a pretty nice deal at the end of the day
However, like many know, its best to hold your own tokens.
In this case, the staking contract was compromised and all the tokens were drained and sold on the market, causing a 90% crash
We might never know what happened. Some say it was an inside job. Some say the dev’s laptop was compromised… we will see
This happened at a time where most users would be away from their devices, but I noticed what was going on. Did not take long for me to connect the dots after seeing my coins gone.
Didn’t take long for people to start pointing fingers
The dev is Indian so the stereotype and racist comments and meme started going up
But the dev did everything an honest dev would do, even went into his pocket and bought over $10,000 worth of the coin in hopes to recover some of the damage caused by the $60,000 market dump
Funny thing is, people who bought the bottom of that wick, basically any who bought afterwards, got a 20x, 10x, 5x, 3x, 2x within a few hours
There are discussions to how to make everyone whole, which is always nice.
Anyone remember the DAO “hack” with Ethereum, the #2 blockchain…
That is the whole reason ethereum classic even exists
But ethereum more than recovered, it thrived. Thats the bet with the coin I lost. Buying the bottom is sweet, but also getting what I lost back would be even nicer, and the coin over performing up and to the right would be quite the story, and totally not impossible
The bad thing is the FUD was in full force, people were sharing fake revoke cash links, hopefully no one got extra bonus scammed, that would drive them right out of market
There are rug pulls everyday on Solana, to the point where it became a big meme.
Rug pull is when you buy a coin, and you can’t really sell it because there is no liquidity… meaning you could have $200,000 worth of a coin, but if you sell it you’d get $1.80
Fake website scams are the worst, they legit just rob you. Unbelievable how some people can click click click wtv pops up on their screen
I have seen people say that got scammed and share their wallet seed phrase to “help us see what’s going on”
Must have been a race to steal in the chat lol
It would be like as if someone was able to send all the Hive power to themselves and cash it out.
I wonder how long it would take to send to binance and sell, would someone notice and stop it in time?
Thats the thing about holding gold and silver, you don’t have to worry about anything other than I guess a break and entry/robbery.
