Throughout the course of recent years, crypto pump-and-dump scam have become progressively Prevailing. Scams like this one, have led more and more people to distrust crypto assets. Furthermore, these scams are also referred to as rag pulls, as they figuratively drain the prospects created by users and customers. Within the crypto community, projects are heavily promoted and advertised. Because when they are exposed to value, project promoters usually either sell their holdings or siphon off the liquidity altogether. These sorts of scams are known to be famous because of the nature of crypto. However, in the ecosystem, many projects are driven by promotion alone. Tragically, however, this can introduce an interesting and open door for scammers to back out. If you are interested in bitcoin trading visit this link .
In this blog, we’ll talk about several of the most shocking pump-and-dump scams in cryptocurrency history.
1. Ethereum Max
From time to time, it’s uncommon to see a big name as large as Kim Kardashian in a crypto scam. But if we talk about Ethereum Max, that is exactly what happened with it. Be that as it may, the scandal included Floyd Mayweather, broadly viewed as one of the most mind-blowing fighters ever. Kardashian and Mayweather were paid thousands of dollars to promote the coins by the company that was running the project. It gave massive access to the people who bought this token. However, he got the payment back. The advancement of the coin persuaded a great many people to think that it was totally natural, making it significantly more well known. However, unbeknownst to the people who bought the tokens, it turned out to be a classic pump-and-dump scam and some things were in the pumping phase.
This is one of the most brazen crypto pump & dump scams in history. DeFi100 was initially one such project as a DeFi protocol. It started with Binance Smart Chain, and it appeared completely legitimate. But it was not like that at all. It was a scam from the beginning. However, the project was considered popular enough to be purchased by over a thousand people as well as build a legitimate community. Sadly, it was just short-lived. In any case, from its vibes, rather than taking off like standard tricksters, the sprinters of the DeFi100 project accomplished something else. Where they distributed a message on the venture’s site saying “We’ve deceived you all and it can’t be helped.” According to analysts’ estimates, up to $32 million in user funds were siphoned off by those scammers.
3. Sushi wrap
Speaking of SushiSwap, just days after it went online, it was listed by Binance. A few of days after the fact, it created the impression that SUSHI Token had crossed the dollar mark. Seen on the ETH network, it gives off the impression of being a fork of Uniswap, an automated market producer. On the off chance that we take a gander at the main genuine contrast among SushiSwap and Uniswap, SushiSwap is boosted to give liquidity to its clients. Liquidity is in the form of a liquidity provider token, which is provided through the SUSHI token. SushiSwap was growing at a rapid pace. So, when clients got more SUSHI tokens to hold and purchase their tokens, there was a race to purchase. But things started to get weird when Chef Nomi, the unknown creator of the project, suddenly decided to sell all his tokens and he sold those tokens and later converted all of them to ETH. And just days after the project was built, Chef Nomi left it to a rich man. That led to a very bad reaction on Twitter, and ultimately led to Chef Nomi depositing his tokens back into the project.