Examples of scams in the cryptocurrency world are emerging one after another. Recently, the sentiment is not good, and it is essential to protect your money. You must have a thorough understanding of any cryptocurrency.
Let me give you an example:
"Second Uncle Coin" is a typical case of quickly harvesting retail investors by leveraging hype. It went from launch to collapse in just three days, setting the record for the fastest collapse in cryptocurrency history. The specific process is as follows:
1. Capitalizing on momentum to raise funds: In July 2022, the video "Back to the Village for Three Days, Second Uncle Cured My Mental Exhaustion" went viral. On the 28th of that month, Twitter user "second uncle dao" claimed they would issue "Second Uncle Coin" and stated that all funds in the marketing wallet would be used to ensure Second Uncle's retirement, attracting a large number of investors with the public's empathy for Second Uncle.
2. Short-term surge enticing retail investors: After the token was launched, it was quickly hyped by the market, with its price increasing over 100 times in a short period. This astonishing surge caused many investors to lose their rationality and rush to enter the market, hoping to make substantial profits.
3. Rapid collapse and running away with funds: Just as investors were fervent, the price of "Second Uncle Coin" plummeted by 99.7% in just two days. Security experts monitored that the contract deployer had already laundered the illicit funds through relevant channels, involving an amount of up to 1.3 million dollars. After the collapse of "Second Uncle Coin," other trending coins such as "Big Uncle Coin" and "Second Aunt Coin" emerged, continuing this harvesting routine.
#割韭菜
Let me give you an example:
"Second Uncle Coin" is a typical case of quickly harvesting retail investors by leveraging hype. It went from launch to collapse in just three days, setting the record for the fastest collapse in cryptocurrency history. The specific process is as follows:
1. Capitalizing on momentum to raise funds: In July 2022, the video "Back to the Village for Three Days, Second Uncle Cured My Mental Exhaustion" went viral. On the 28th of that month, Twitter user "second uncle dao" claimed they would issue "Second Uncle Coin" and stated that all funds in the marketing wallet would be used to ensure Second Uncle's retirement, attracting a large number of investors with the public's empathy for Second Uncle.
2. Short-term surge enticing retail investors: After the token was launched, it was quickly hyped by the market, with its price increasing over 100 times in a short period. This astonishing surge caused many investors to lose their rationality and rush to enter the market, hoping to make substantial profits.
3. Rapid collapse and running away with funds: Just as investors were fervent, the price of "Second Uncle Coin" plummeted by 99.7% in just two days. Security experts monitored that the contract deployer had already laundered the illicit funds through relevant channels, involving an amount of up to 1.3 million dollars. After the collapse of "Second Uncle Coin," other trending coins such as "Big Uncle Coin" and "Second Aunt Coin" emerged, continuing this harvesting routine.
#割韭菜
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