Prices in an altcoin project have crashed incredibly due to rumors of “rug pull”, a form of fraud, which has become widespread in the crypto money markets. Details of the topic cryptocoin.com‘in.
Altcoin price places became one
The situation in which the project developers in the crypto money markets, after raising the value of the crypto money to a certain level, stop the transactions related to crypto money and disappear with the money they have obtained until then, is called “rug pull”. In such events, which corresponds to the phrase “pulling the carpet” under the feet of the person in Turkish, the developers of the project prefer to disappear by guaranteeing the money somehow. Those who are fierce advocates of traditional investment elements often use such scams when criticizing the cryptocurrency markets. A “rug pull.” corruption in which the project’s own dev staff themselves took part in the scam. As we reported earlier, Rug Pull/carpet pulls accounted for 1% of all cryptocurrency scams in 2020. This rate increased to 37 percent in 2021. This corresponds to a huge hit of $2.8 billion. Experts working on the subject emphasize that these scammers often target new users.
In this latest “rug pull” event, the price of the altcoin project in question seems to have dropped by 90%. The altcoin project Pirate Coin Games is 3,194 in terms of market capitalization, according to CoinMarketCap data. A ranked altcoin project saw a steep drop earlier this morning. The altcoin project Pirate Coin Games has lost nearly 90 percent of its value with this decline as a result of rug pull rumors. While the developer team of the project did not make a statement on the subject, the price approached almost zero and rug pull claims began to be spoken heavily in the public. Altcoin project Pirate Coin Games has dropped by nearly 90 percent in the last 24 hours, according to CoinMarketCap data, and is currently trading at $0.000000000012. It turns out that this is not the first fraud in crypto markets, nor will it be the last.
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