Scammers, Fraudsters, Grifter, Swindler, Hacker – whatever you want to call them.
There are a lot of them in cryptocurrency.
It’s nothing new. When banks started to allow funds transfers with check writing we saw similar types of scams.
Back then there was arguably just as much fraud.
In cryptocurrency, even platforms with the best intentions have been forced due to shut down by outside bad actors.
You must keep an eye out at all times.
Don’t Get Discouraged
The media is quick to point out the whole industry when it comes to rug pulls.
But don’t forget we saw many companies disappear overnight during the dot com crash. Pets.com, webvan, and boo.com are just a few companies that shut down.
There were also a lot of successes. In 2000 it was crazy to think you would get everyday items delivered to your home with Amazon today, it’s a standard.
The future of crypto will likely be the same. We think it’s crazy to order pizza with crypto. But just as Amazon evolved, I believe crypto payments will evolve as well and be the standard.
Below is a list of rug pulls and scams we know of. It’s by no means an exhaustive list, but we do our best to keep it updated. If you see a rug pull or scam feel free to contact us.
Note: We are not classifying a project that fails due to poor economics or business model as a scam.
If you have personally been hurt by a scam or have information relating to one, we recommend you contact the SEC..
Ring was a node project that got a lot of initial traction. Eventually, the project essentially disappeared overnight with the bad actors taking off with the funds.
Rug pull by team. This is project we invested in at digitalfarmland and looking back we wish we would have read the audit results a bit better.
|Yield Hunt Game||
Yield Hunt announced via Twitter that they could not keep up with the project due to poor timing and other factors and shut the project down. While likely not a completely intentional rug pull done by bad actors, we wish the team would have spent more time to make the project a success.