Fun

News Feed - 2023-07-05 10:07:33

Ezra Reguerra10 hours agoCrypto developer commits $2M rug pull fraud to fuel gambling addictionA Redditor described the developer’s gambling addiction excuse as a “weird way to rug,” as projects usually just run away and delete all the evidence.2932 Total views2 Total sharesListen to article 0:00NewsJoin us on social networksAccording to a Reddit post, a developer has posted an unusual farewell note, apologizing and blaming his online gambling woes after leaving a project in shambles, turning a $2 million valuation into $20,000 within minutes.


Several investors in the Encryption AI project have reported that its developer performed a rug pull during a liquidity migration event. As a result, the project’s token, 0XENCRYPT, went from trading at around $2.05 to an all-time low of $0.02. Token data aggregator CoinGecko recorded the massive price drop around July 2.Seven-day price chart for Encryption AI’s token. Source: CoinGecko


Unlike other rug pulls, the developer decided to leave a letter to the project’s community, apologizing for his actions, and blaming his gambling addiction for the move before disappearing and deleting all the project’s social media platforms.


Various investors shared a screenshot of the developer’s message on social media. Within the post, the developer shared his struggles with gambling and highlighted that he lost $300,000 in online casinos. In addition, though the developer was unable to guarantee that he would make amends or relaunch the project, he promised to “make every effort to become a better person.”


Related:How to spot a rug pull in DeFi: 6 tips from Cointelegraph


Community members were outraged by the rug pull, with some wishing karma upon the developer and others describing the move as the worst birthday present, and a weird ending to a rug pull.This one hurts bad. #0xEncrypt dev just rugged hard on the migration.

Twitter also been deleted.

Played us all the way.

I feel sick.

Karma is coming for you, scumbag. pic.twitter.com/o2axnvFZFN— GEMINHIGH (@Geminhighi) July 2, 2023


Trader Crypto Daddi lamented that the rug pull happened on his birthday. The Twitter user claimed he lost around $30,000 after trusting the developers and investing in the project. On Reddit, a community member described the developer’s action of leaving a long note as a “weird way to rug,” as developers often just disappear without a trace after performing such actions. 


Meanwhile, Binance’s chief security officer Jimmy Su recently spoke with Cointelegraph about how bad actors on the darknet are working to steal from crypto users. According to Su, hackers have a well-established ecosystem of intelligence gatherers, data refiners, hackers and money launderers.


Magazine:Should crypto projects ever negotiate with hackers? Probably# Altcoin# Scams# LiquidityAdd reactionAdd reactionRelated NewsHow to use a crypto hardware walletForget about price! Polkadot Decoded 2023 says bear markets are for buildingChibi Finance $1M alleged rug pull: How it happenedTON blockchain launches on-chain encrypted messaging featureKyle Davies to donate future OPNX earnings to 3AC creditors for ‘karma’Winklevoss slams DCG’s Silbert — Not even SBF was ‘capable of such delusion’

News Feed

CoinFLEX’s New AMM+ and the Rise of Crypto Yield 2.0
CoinFLEX’s New AMM+ and the Rise of Crypto Yield 2.0 sponsored CoinFLEX, a leading derivatives exchange and yield platform, has announced the second iteration of their innovative
Veronika Rinecker10 hours agoHow major German firms like Mercedes and Lufthansa are using NFTsGerman brands embrace NFTs, exploring new ways to engage with customers and build brand loyalty.1249 Total views20 Total share
Iranian officials decry blockchain game 'Hamster Kombat' as soft power tool
Vince Quill1 hour agoIranian officials decry blockchain game "Hamster Kombat" as soft power toolThe deputy chief of the Iranian military claimed the game was a way of distracting Iranians from the country"s upcoming pres
Chipmaking Giant Samsung Reveals 3nm Semiconductor Prototype
Chipmaking Giant Samsung Reveals 3nm Semiconductor Prototype In mid-December, Intel revealed that the company expects to design 2nm and 1.4 nm semiconductors by 2029. During the
Study: 7.6 Million South Africans Are Crypto Investors, Social Media Main Source of Crypto-Related Information
Study: 7.6 Million South Africans Are Crypto Investors, Social Media Main Source of Crypto-Related Information About 22% of South Africa’s adult population, or 7.6 million p
Binance exec will remain in Nigerian custody until May 17 bail hearing: Report
Turner Wright2 hours agoBinance exec will remain in Nigerian custody until May 17 bail hearing: ReportThe question of Tigran Gambaryan’s bail in Nigeria was expected to be addressed in an April 22 hearing, which has re
Dencun is a big step towards mass adoption: Metis CEO
Zoltan Vardai11 hours agoDencun is a big step towards mass adoption: Metis CEOThe Dencun upgrade could be a significant step for mainstream crypto adoption, says Metis CEO Tom Ngo.1292 Total views1 Total sharesListen to
Arijit Sarkar1 hour agoKraken co-founder hails ‘more fair’ playing field as DOJ fines BinanceJesse Powell sees CZ’s and Binance’s legal proceedings as a positive change, as “going after the most egregious offen
Microsoft launches AI-powered ‘Copilot for Finance’
Tristan Greene3 hours agoMicrosoft launches AI-powered ‘Copilot for Finance’The new service will provide automation features for the Microsoft 365 suite of productivity tools and applications.750 Total views52 Total
Best Crypto Presales with Safe Haven Potential as Goldman Sachs Predicts $4,500 Gold Price
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Self-Proclaimed Satoshi Nakamoto's Bitcoin 'Reveal' Is an Epic Fail
TwitterFacebookLinkedInThe "big reveal" by the latest self-proclaimed Satoshi Nakamoto was an epic failure that overpromised and underdelivered. | Source: ShutterstockBy CCN Markets
Philippines Financial Institution Unionbank Now Provides Crypto Custody and Trading Services
Philippines Financial Institution Unionbank Now Provides Crypto Custody and Trading Services The Union Bank of the Philippines, Inc., more commonly known as Unionbank, announced th