EXIT SCAM IN THE DIGITAL CURRENCY MARKET

Hello to everyone in this wonderful community today and on this great platform at large today. I greet you all in good spirit and I want to believe that we all are doing just great today and if so we give God the praise for the sustenance of life and good health.

I welcome you all to yet another great day in the month of June. I hope we all are doing wonderfully well this day, and I want to believe that we are having a great time at wherever we currency are.

Today, I bring to you all another interesting topic regarding the cryptocurrency world, and I believe by the end of this discussion, we all should be able to identify exit scam in cryptocurrency and also their activities in the digital market.

With that being said, I urge you all to sit tight and relax while I begin the discussion for today. I wish you all a happy reading.

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The digital currency market aims at creating a conducive environment whereby investors and traders can purchase and sell off their digital assets in the market.

It makes transactions easier and faster as we get to purchase items using the digital currency and these currencies came into existence via innovations and awareness, fully funded by investors and now they are being traded in the market through various exchanges of which the digital currencies are listed.

In cases like this or in scenario as this, where money is seen and involved, we all know that abuse is inevitable. When certain people are working tirelessly to make the world easier, others with bad motives always find their way to create a disaster.

Today, we have seen how fraudulent activities has come to stay in the cryptocurrency environment. Each and everyday, we keep battle with the issue of scams and hackers activities. Certain individuals only have one thing in mind, and that is to device a way to do away with peoples money located in their wallets.

Many projects did a lot of work by coming into the cryptocurrency world, thereby profits traders and investors. Those projects are considered legit, while other individuals have decided to ruin people's life thereby scamming individuals and eventually do away with their funds.

The above introduction is a preamble regarding today's discussion and with that, brings us to today's discussion.

WHAT IS EXIT SCAM

Exit Scam can be seen as the scenario whereby certain individuals comes up with various cryptocurrency projects that are embedded with mouth watering offer and then after creating a token.

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They eventually launch the said tokens in other to lure traders and individuals to invest their money by purchasing the said tokens, and at the end of the day, these individuals eventually do away with the funds they have gathered from individuals and traders.

This is scenario is called Exit scam. The culprits always pretend to be legit, and as such, they do everything accordingly, they make no mistakes just to carry out their plans successfully. Many individuals have fallen victims are others are still falling for the trap.

What the culprits do is to come up with a system and device that can create a particular token and then pretend to be transparent by telling users the total supply, but what they do is that they create certain digital tokens with hidden backkdoors, and this gives them the go ahead to create more tokens without being caught in the act.

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Now what they do with the newly minted or created tokens that was done behind closed doors is that, they make use of these newly created tokens to sap every penny that are being stores in the liquidity pool, and onces this is done, immediately they run away and when this happens, the tokens that are found in the wallet of investors are considered valueless as there is no more liquidity for the tokens.

This is why we need to be extremely careful as investors of the digital assets. A lot of exit scam are seen lately and as such, we are expected to be mindful regarding certain projects we invest our money on so that we do not fall a victim to these Exit Scam projects.

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They work so hard to come out with a way of sapping investors off their money and with their mouth watering offer, they lure investors that are desperate to invest their funds in the project thereby purchasing the tokens via pre-sale and at the end of the day, the culprits run away with investors money, leaving investors with nothing but worthless tokens in their wallet.

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CONCLUSION

It is always good and recommended to do your own research before involving yourself in any digital currency projects that warrant you to stake your money in. Research is always advisable so that you don't lose your funds to scammers.

Thank you all for having me today. I look forward to discussing more insightful topics with you all but for now, I say goodbye to you all.