Here's and amusing one.
This has happened a few months ago I found it to be very funny, though a lot of people lost their money, as this was such an easy scam pulled of just by being friendly and gaining the trust of the investors.
Let me first clarify that in my free time I follow a lot of new tokens in their telegram/Discord groups just to study them. In my findings I’ve noticed that 99% new ones have either been scams or have fizzled out for various reasons. But that is a post for another day.
So, a new token was launched about few months ago. Its utility was that if you hold a certain amount of their tokens, you are eligible to exchange your DUST tokens to BNB 1:10 BNB. There were slabs and one could exchange only a certain amount at a time.
By dust they meant the tokens you’ve been scammed of or the Devs have given up or any other reason why your tokens are now worthless. They are just sitting in your wallet gathering dust. (Dust has different meanings in different Dexs and Cexs and there’s also a token by the name of Dust. I hope there is no confusion with the use of the word dust)
The token had some buy and sell tax and the BNB to be given in exchange of their worthless tokens was coming from the taxes obviously. They called it Scraping. Seems like a good idea.
Most of the people who joined their TG and had lost money in now worthless tokens, were very excited. 1:10 was not a bad ratio and BNB was at its lowest those days. Everyone was confident that during the Bull run, BNB would definitely do a couple of Xs. They now had hope of getting some part of their investment back.
The community was excited. They started shilling the project in various forms of social media.
It's always the community which creates the hype.
I don’t really remember the launch price, but I think there was hardly any liquidity added by the team so probably it must have launched at less than 1000 dollars or so. In a matter of a couple of days the price went up to the range of 40k. people could have booked profits but their intention was to get their earlier losses back.
In a few days there was a Rug Pull.
Rugs are very common…I mean really common with new tokens. So why am I writing this post?
I found this particular Rug very amusing.
So what's the amusing part?
I don't know whether the true intentions of the owner/dev were good or bad but the story goes like this.
The team hired an admin who was managing the Telegram Community (happens in all new coins). The hired Admins/Mods are either people who have worked as admins/mods in other groups and work for a certain number of tokens or very enthusiastic investors who work for free for the sake of their own bags. Their job is to help people in the TG with information, ban scammers and spammers and keep the FUDDERS away. Basically, pass information and keep the TG clean.
These admins/mods and the owners have never met in person with the original team and most of the times (I would like to say “all the time” but there are some exceptions) these guys are not DOXed. So, their identity is not known. Why??? Decentralization of course.
The lead Admin the team hired was doing his job pretty well, was very helpful and friendly, was active almost all the time and gained everyone's trust.
The team was a small team and they were also pretty active too. But everyone has to sleep, even the Dev and the core team members. The Lead admin figured out they were from a similar time zone so their sleeping time was similar.
One fine day, (just a couple of days from launch) when the lead admin was sure the team members are sleeping, he posted a migration link asking everyone to send their tokens to a particular wallet address. He made is sound like it was urgent. Probably there was in issue with the contract or someone was trying to hack and steal all tokens and I also think he offered an incentive for early senders and apologized for the inconvenience. Since he was a very friendly Admin and most of the investors trusted him, in the next few hours, almost everyone who read the message had sent their tokens to the wallet address. And soon. in front of their eyes....POOF...everything was gone. SOLD. They were SCAMMED.
This scammer didn't even have to go thru the process of creating the token, TG, listing...nothing and easily walked away with everything. He probably beat the team to it too...lol.
There's also a possibility that the Team did it themselves. You never know. But if the admin did it, it sure is an amusing story (if you are not the investor of course).
I was watching from the sidelines and had not invested a single penny.
The Devs woke up scandalized. There was panic and chaos in the TG. They did their best to convince people it wasn’t them.
The last I remember was that team was trying to gain the confidence of its investors to launch a new token. But I don’t think it worked out, though some were in favor. Probably it was the team’s other ID’s who were the ones in favor.
The reason I write about scams is because I want people to be careful and not fall for scams.
Also, please Do Your Own Research.
Not Financial Advice
Stay Safe Stay Happy.