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Another Day, Another Rug Pull on SmartBCH

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Written by   288
3 weeks ago

Bad news everyone!

Today we had another rug pull on SmartBCH - and this time it was a rug pull from one of the bigger projects:

The creator of MonkeyCash rug pulled, deleted their Telegram account and disappeared.

Here is the message which was written by one of the moderators of the group:

You can double check and see the message yourself here.

And here is the proof that the owner of the Telegram group deleted their Telegram account.

Unfortunately, rug pulls happen quite often - especially when the token is very new and abuses the name of a legitimate project which hasn't made it to SmartBCH yet.

I wrote about it here on noise.cash before and here in more detail on read.cash. As you can see in my article, even I myself fell victim to a rug pull - and I lost 0.02 BCH.

What is a rug pull?

A rug pull is when the liquidity is removed. That means that the token holders won't be able to sell their tokens.

In my previous article I gave a more detailed description:

The token creator removed all the liquidity after they took in enough BCH. I doubt that the liquidity will ever be added again.

This is what is called a "rug pull": I am left with worthless tokens which I will never be able to sell, because nobody wants to buy them. Therefore, there is no liquidity - and I was scammed out of my initial investment.

Lesson learned.

Is MonkeyCash dead now?

You may be surprised to hear that even though the creator of the token pulled their liquidity and disappeared, the token may not be dead after all. We will have to see if MonkeyCash survives this rug pull. The tokens will remain in existence and can theoretically still be traded and even appreciate in value - if the community decides to provide liquidity for the token - and if people start buying them again despite the shady and borderline criminal behaviour of the creator.

The price of the token is definitely very low right now. So it may even be a good buying opportunity. However, this is definitely not financial advice - and I haven't bought that token and don't plan to buy it either.

What will you do?

Will you buy the token and gamble hoping for a price recovery? Or do you think the token is dead?

Personally, I concentrate on buying projects where I either know the creators - and where the creators have a good reputation in the Bitcoin Cash community - like KTH and ARG - or where the token is a public good like MAZE.

CATS and KITTEN are probably fine, too. The developers are anonymous, but have shown in the past that they are reliable and they seem to act in the best interest of the token holders.

Thank you for reading and remember to be careful when buying SEP20 tokens! SmartBCH is a great project - and it attracts a lot of attention to Bitcoin Cash - which is both a good and a bad thing. The good thing is that Bitcoin Cash finally gets the attention it deserves - and this may finally be the chance to become the world's preferred currency. On the other hand, lots of scammers are attracted to SmartBCH, too. In my humble opinion that's why we are seeing so many rug pulls right now.

Let me remind you:

In the Bitcoin Cash community it sometimes feels like we are all a big family. However, anyone can create an SEP20 token on SmartBCH. It doesn't take much time or money to do that. So please be aware of that. And don't buy new coins just because the chart looks like they are going up in price. And be especially careful with names that sound familiar. I fell for all of this, unfortunately. It was the first time - and I surely hope it will be the last time.

So, be more careful than this guy when it comes to investing. 😉

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Written by   288
3 weeks ago
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Comments

You were not scammed, you were just stupid to trust into your illusions. Take responsibility, that is what you can learn from someone who makes use of his rights to liquidate whenever they want. There is a huge difference between what people say and what people do. Observe the actions of others to verify their integrity. Never trust, always verify.

$ 0.00
3 weeks ago

Thankfully, I didn't buy into that token.

Whether it is a person's right to publicly make promises and raise expectations of profit from their future work - and then not deliver and abandon the project with other people's money, is probably a question that the judicial system has to answer. From my understanding MonkeyCash qualified as a security and there are regulations for that. However, chances are that the person behind this cannot be identified anyway.

And I'm sure that you will say that there shouldn't be any regulation whatsoever and everyone has the right to stay anonymous and lie as much as they want - and people who trust other people are just stupid.

$ 0.00
3 weeks ago

Well, if you already know, then maybe the force is with you as well. Taking responsibility is a benefit, you already know its better to verify, anyway humans still fall back into the disney movie propaganda. Justice is often just an excuse for violence.

$ 0.00
3 weeks ago

Yeah, there is some truth to that. I think that we definitely have way too much regulation and government involvement in everything. However, I personally believe that removing it completely isn't optimal either. There is probably a sweet spot in the middle somewhere. I would personally prefer it to be much closer to free markets than it is right now, but I believe that both extremes are not optimal.

$ 0.00
3 weeks ago

freedom is not an extreme its natural

$ 0.00
3 weeks ago

How do you defend your own freedom against others who won't respect it?

And now imagine that you were mentally or physically handicapped.

What I want to say is that we need some social agreement at the foundation of society - just like miners follow the same guidelines - which could be regarded as a minimal government of the crypto currency.

$ 0.00
3 weeks ago

I think you are violating the freedom calling for "justice" on sb who just played by the contract rules. You sign the contract you should know the rules. Or did anyone hack anything abusing a bug?

$ 0.00
3 weeks ago

I wasn't talking about this specific incident. My point was that we as a society need some minimal government for society to work.

$ 0.00
3 weeks ago

What if the "society" is just an illusion of the mind?

$ 0.00
3 weeks ago

You could argue that, but the fact is that people are living close to each other - for better or for worse. And I believe there has to be a way to discourage highly undesirable behavior of individuals.

$ 0.00
3 weeks ago

Even though you said “not financial advice”, it still sounds like you implied that the token might be a good buy because the price is low and nothing else.

$ 0.00
3 weeks ago

Well, you disregard a whole lot that I wrote to come to that conclusion. Let's have a look:

"The price of the token is definitely very low right now. So it may even be a good buying opportunity. However, this is definitely not financial advice - and I haven't bought that token and don't plan to buy it either."

I clearly wrote here that "I haven't bought that token and don't plan to buy it either." Does that sound like I imply buying the token is a good idea? By the way, I still haven't bought it and I'm still not planning to.

Let's continue:

"What will you do? Will you buy the token and gamble hoping for a price recovery? Or do you think the token is dead?"

I call buying the token a gamble.

"Personally, I concentrate on buying projects where I either know the creators - and where the creators have a good reputation in the Bitcoin Cash community - like KTH and ARG - or where the token is a public good like MAZE.

CATS and KITTEN are probably fine, too. The developers are anonymous, but have shown in the past that they are reliable and they seem to act in the best interest of the token holders."

I give my reasons for not buying the MonkeyCash token and state what I did buy instead.

In hindsight, I should have explained in more detail why I wrote the above - and I should have made it clearer that even though there is the possibility for price increases, I don't think it's very likely to happen - and that's why I called it a gamble and why I didn't buy the token.

So thank you for the comment. I will try to make this more clear in upcoming articles

For financial advice, I would need to have the proper education - which I don't have - and I would need to know your risk tolerance, time horizon and your entire portfolio - which I don't.

So no, this wasn't financial advice. And this couldn't even have been financial advice even if I had wanted it to be. And let me state that very clearly: I also didn't want it to be financial advice. That's why I wrote that it wasn't financial advice. 😉

$ 0.00
3 weeks ago

You don’t have to have “proper education” in order to give financial advice. You think that the SEC, CFTC, or any other enforcement agency stops to check someone’s degree or background before suing them into the ground or throwing them in prison?

$ 0.00
3 weeks ago

Indeed a bad news. I was about to share my experience in Binance Smartchain since Smartbch is getting started to hype. I want everyone to be alarmed with rugpulls, scams and honeypot 😪 Please be safe everyone. Since Smartbch is new, scammers will get in the way to trick people in the BCH community. Don't invest what you can afford to lose and invest wisely.

Always Do Your Own Research first.

$ 0.00
3 weeks ago

Good thing I didn't buy it.. I was about to buy when they said that it will be listed on Binance haha. That was just a lie.. Lol. I guess the CATS team was supporting it..If Im not mistaken..

$ 0.05
3 weeks ago

Yes, he retweeted or shared at least one of their memes. He also bought 1 BCH worth of their token and announced that publicly. He then sold it. I'm not sure if he made that public to be honest.

$ 0.00
3 weeks ago

Too bad for those who invested. Well, as they say, nothing is sure in the cryptocurren y world. Invest only what you can afford to lose.

$ 0.00
3 weeks ago

True words. 👍

$ 0.00
3 weeks ago

I have that too, I forgot I also buy that token. Good things it's just a small amount, which is I can only afford to lose. How about those who invest a big amount in that token. The creator of that token is a big sh!t!!! They are tainting the SmartBCH with their sh!t 🙄🙄

$ 0.05
3 weeks ago

Yes, I completely agree with you. They are dragging the SmartBCH name through the mud with their sh!t...

I'm sorry to hear that you fell victim to them.

$ 0.00
3 weeks ago

Tsk, and now FUDs is everywhere because of that I think. Some might just pull out their investment to other tokens tsk.

$ 0.00
3 weeks ago

Yes, everybody is careful or even fed up now. I hope investors will recover from that soon. 💪

$ 0.00
3 weeks ago

When it first came out, I had a look at their website. It looked professionally done and seems to have a sound idea going for them. I'd also retweeted them as such. After reading this, I'd deleted my tweets. So sad that one seemingly so professionally done project end up doing a rug pull.

$ 0.05
3 weeks ago

That is really sad. I absolutely agree with you. Their logo also looked professional. It's really hard to tell who will scam and who won't if the people behind the project stay anonymous.

$ 0.00
3 weeks ago

I have seen it after the 1st day of launch, it rose to about 20x of the presale value. Thankfully I rode in to that rise and pulled out after my profit. It's not a good thing when rug pullers infestate the SmartBCH community.

$ 0.05
3 weeks ago

I completely agree with you. It definitely hurts to see so many rug pulls. I love what SmartBCH can do for Bitcoin Cash. However, it seems that a lot of side effects come with the benefits.

$ 0.00
3 weeks ago

Hello, you should always be careful

$ 0.00
3 weeks ago

That will be the new word I learned for the week related to crypto. I saw it in another telegram group. Thank you for the warning and the info!

$ 0.03
3 weeks ago

Yeah, unfortunately, there were rug pulls everywhere. 🙈

$ 0.00
3 weeks ago