Is Crypto Dangerous and what the hell is a Rug Pull?!
(From Patreon members group Tier-AB 6th July 2021)
Look out for this…
One of the reasons why we exist here is to show people the truth of what goes on inside #influencer wallets. Crypto is still very new and dangerous, those with a big social following and a small conscience are in a great position to con their followers for profit because #crypto is unregulated/decentralised.
We have been tracking Alex’s wallet for months now and he is normally pretty open about what he buys/sells as you’ve seen if you have been with us for a while. It’s going to be great once ‘alt-coin season’ returns as whether you like it or not, with a following of his size, when he mentions a coin he has purchased the price will rise, and you will already know what he has bought before he mentions it on social media.
The classic #pumpanddump.
Simply speaking a YouTuber can purchase a huge bag of a random tiny cap coin. Make a video promoting it to their followers. Their followers then purchase it based on their recommendation which inflates the price. The influencer then sells at the inflated price making their profit. The price crashes because they sold it and their followers are left with losses. Simple.
Here is an article describing how a YouTuber masterminded a far more extravagant and profitable plan to scam from their loyal following. The classic #RugPull.
Hope you have a great day.
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