WARONRUGS is a “community based, grassroots movement against rug pulls, and scammers in the crypto-sphere.” They warn people who follow them of scams, fraudulent projects and Rug-Pulls by analysing the staking and smart contracts to find backdoors created by the admins of those shady crypto organisations to pull the rug from under us.
What does it mean to have the “Rug Pulled” in crypto?
In simple terms, a rug pull is a form of exit scamming where new tokens are minted on a large scale and then traded to drain liquidity from a pool, pulling the rug from the liquidity providers. Think of it as a water well and a wine well, and the scammers want the wine, so they trade all the water for wine and they drain ALL OF THE WINE. Leaving none left.
What are some examples of Rug Pulls?
DIPEX (on Ethereum)
Xbase Finance (on Ethereum)
Vadia Finance (on Ethereum)
CoinSwop (on Ethereum)
TwerkFinance (on Ethereum)
Rotex Finance (on Ethereum)
Compounder Finance (on Ethereum) (The team, through an unmonitored 24-hour timelock, maliciously utilized their control to steal users)
Fedcore Finance (on Ethereum)
Dope Swap (on Ethereum)
SantaDAO (on Ethereum)
PotatosFinance (on the BINANCE Smart Chain) (As of Dec 22nd, both the website and Twitter account for this project are down).
Tetris Finance (on the Binance Smart Chain) (As of Dec 22nd, both the website and Twitter account for this project are down).
Golden Farm (on the Binance Smart Chain) (As of Dec 22nd, both the website and Twitter account for this project are down).
Chessfarm.Tech (on the Binance Smart Chain) (As of November 13th, both the website and Twitters account for this project are down).
Vice.Uno (on the Binance Smart Chain) (As of Oct 28th, both the website and Twitter account for this project are down).
Beer Garden (on the Binance Smart Chain) (As of Dec 22nd, both the website and Twitter account for this project are down).
Where to find Rug Pulls in crypto:
https://twitter.com/WARONRUGS
https://etherscan.io/yieldfarms
https://bscscan.com/yieldfarms
