The term "rug pull" has been commonly used to describe a phenomenon that may develop in the realm of crypto. Rug pulls have never been simpler to pull off because of the Decentralized Finance (DeFi) ecosystem, such as the ease of producing and selling new tokens. SnowDogDAO is a noteworthy example of a rug pull, with the longer-term goal of becoming the crypto space's reserve currency. However, the team pulled the rug out from under the project during a token buyback. One wallet sold 187 $SDOG tokens for $10 million, or $54,000 each! Rug-pull cryptocurrency scams are expected to steal $7.7 billion from investors by the end of 2022! An effective strategy to avoid rug pull attacks is by conducting thorough research, analyzing the token's utility case, and never investing in anything you don't understand. Does this mean you should avoid cryptocurrencies entirely? No! always remember to hate the player and not the game! And always remember to subscribe for more shorts just like this!
