Hi HODLers,
Another week in the crypto world and another batch of rugpulls, scams and ponzi coins !
The latest one on that list is SnowDogDao. It happened when the team decided to implement a $40mn buyback. To do so, they needed to move the liquidity from the Trader Joe LPs to their own DEX.
As explained by anonymous developer @artoriamaster, before the promised buyback of SDOG tokens happened due to the migration from TraderJoe DEX to the native platform, someone who knew the "challenge key"—a part of the SnowdogDAO contract—backran the buyback and started selling tokens.
The challenge key could have only be known by someone on the project's team as the contract was not validated yet, it was supposed to be once the team finished the repurchase.
Below is the tweet mentioned:
In any case, invest in project where you see good communication with the team. There is also an easy way to sometimes spot scams. Do not fall for copy pasting projects with obvious marketing names such as Squid DAO or this Snowdog who wanting to compete with Shiba Inu...
Another redflag was the massive promotion from Crypto and non-crypto influencers...
Just my 2 cents, not financial advice.
Some are even posting new videos explaining that they saw it all or that it is a gift...
I also wants to thank some of the ones below who called it before it happened. You are the ones that we need, with a brain and understanding what is going on.
Snowdog $SDOG Price Chart
$SDOG is now sitting at $75 compared to $1.5k+ a week ago.
Snowdog postmortem tweet and blog
https://twitter.com/SnowbankDAO/status/1464149420245766149
Stay safe out there, this is the WildWest!
Sources:
Hello @vlemon
This kind of scams are a problem for the crypto environment. Because surely more than one new investor started there, and is debuting with a money loss, not a good way to start.
But it is part of the risks that exist when venturing into very new projects, where there is no clarity with the team behind it.
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Indeed, social influencers bringing newbies through Instagram, Tiktok or whatever forums and then scamming them. Later they will tell politicians and regulators to regulate cryptocurrencies and make it illegal..
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@tipu curate
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Upvoted 👌 (Mana: 2/6) Get profit votes with @tipU :)
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Sadly, one more scam that comes to "muddy" the cryptographic environment, I think that as people learn more where and when to invest, the minimum conditions, necessary to validate the investment in a project, this type of scam or at least, they will stop being so harmful. Excelent post friend @vlemon
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Thank you ! I appreciate the very nice comment.
Hopefully, we can keep bad guys away from newbies.
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Scam is increasing in the crypo world everyday this type of coin looks real who will believe it is a scam. My advice is that let not be in a rush to buy a new coin but sit down and do our own findings and survey about the coin before investing in it.
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Exactly, thoroughly think about the coin and maybe postpone the buying just to think about it
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