The next developers of the meme token made a rug pull
Investments in the URF meme coin worth about $450,000 disappeared, as did the project team after the presale of the coin. This information was published by researcher ZachXBT.
Source: ZachXBT account X
The developers performed a rug pull less than 24 hours after the launch of the URF meme cryptocurrency. The last activity of the project on social networks was recorded on March 26. In addition to the funds raised from the sale, the team also used the funds to trade other meme tokens on the Solana platform.
Rug pull is a common scam where developers withdraw funds from a project and disappear with them. In English, the phrase rug pull means “to pull the rug out from under your feet” and means to suddenly deprive someone of support. In the cryptocurrency sphere, this action is understood as emptying the liquidity pool on the exchange. Token owners are left with illiquid assets.
ZachXBT noticed that the project was supported by influencer Bryce Hall with several posts.
Following the incident, Bryce Hall, a media personality and boxer with 1.3 million followers, expressed his position as follows:
Following the incident, Bryce Hall, a media personality and boxer with 1.3 million followers, expressed his position as follows:
“Stop dming me to promote shit coins, I’m graduated from that life style.”
Source: Bryce Hall's account X
Previously, ZachXBT estimated that from March 12 to March 20, 33 pre-sales of tokens totaling almost $140 million took place on the Solana platform. From these sales, the analyst identified several cases of fraud that resulted in total losses of approximately $4.4 million. He noted that this is not the entire list of cases of fraud in this area.
Some industry experts have expressed criticism of meme coins, expressing fears of a possible “bubble burst.” Founder and CEO of CryptoQuant, Ki Yoon Joo, said that such projects are detrimental to the crypto industry. He compared the situation to the “ICO mania” of 2018, which resulted in many investors losing their investments.
There are also opposing opinions. For example, Maartje Bas, head of research at Messari, opined that meme tokens play an important role in attracting new users to the world of cryptocurrencies. She emphasized that such assets help expand the audience in this industry. Also, the positive aspects of meme tokens for the cryptocurrency sector were discussed by ex-CEO of BitMEX Arthur Hayes and macro investor Raoul Pal.
Some industry experts have expressed criticism of meme coins, expressing fears of a possible “bubble burst.” Founder and CEO of CryptoQuant, Ki Yoon Joo, said that such projects are detrimental to the crypto industry. He compared the situation to the “ICO mania” of 2018, which resulted in many investors losing their investments.
There are also opposing opinions. For example, Maartje Bas, head of research at Messari, opined that meme tokens play an important role in attracting new users to the world of cryptocurrencies. She emphasized that such assets help expand the audience in this industry. Also, the positive aspects of meme tokens for the cryptocurrency sector were discussed by ex-CEO of BitMEX Arthur Hayes and macro investor Raoul Pal.
AML Crypto opinion
AML Crypto’s opinion regarding meme tokens is twofold. On the one hand, they really play a significant role in attracting new users to cryptocurrencies, helping to expand the audience. However, meme tokens often become a means of deceiving investors in the hands of scammers. It is important to clearly recognize the differences between legitimate projects and scams to protect your funds.
Therefore, we remind you to be careful in your actions and apply all necessary methods to preserve your crypto funds. And check your crypto wallet for purity, perform AML address verification, track a transaction - you can do this and more in our Btrace solution. Free AML wallet verification for every new user. And if you do become a victim of a rag pool or another type of fraud, then contact our specialists for a blockchain investigation and return of stolen funds.
Therefore, we remind you to be careful in your actions and apply all necessary methods to preserve your crypto funds. And check your crypto wallet for purity, perform AML address verification, track a transaction - you can do this and more in our Btrace solution. Free AML wallet verification for every new user. And if you do become a victim of a rag pool or another type of fraud, then contact our specialists for a blockchain investigation and return of stolen funds.
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