‼️Backdoor Report &ndash; SCAM‼️

&nbsp;

We found a backdoor in the &ldquo;FastBNB&rdquo; project.

From the above image, the owner can withdraw all the contract balance.

&nbsp;

Due to this, we hereby classify FastBNB as a RED FLAG.

&nbsp;

‼️ Website: <a href="http://fastbnb.io/">http://fastbnb.io/</a>

‼️ Contract: <a href="https://www.bscscan.com/address/0x8C705C8814D5A1E4b7b12ca4c6c745FFf5C42469#contracts">https://www.bscscan.com/address/0x8C705C8814D5A1E4b7b12ca4c6c745FFf5C42469#contracts</a>

&nbsp;

HazeCrypto:

For a secure and safe investment environment

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FastBNB has a Backdoor❗

‼️SCAM ANNOUNCEMENT‼️

It has come to our attention that another unethical person has taken advantage of the proof of work that Haze Security is giving our community.

The owner of this project has used our logo on their website but we haven&#39;t audited the project!

❌ <a href="https://usdt-beestake.site/">https://usdt-beestake.site/</a> ❌

Let it be known that we did not made such audit which means that their source code is UNVERIFIED and therefore PRONE TO VULNERABILITIES AND/OR SCAM CODES!

Be warned and be so kind to share this information with as many friends you have!

<a href="http://HazeCrypto.net">HazeCrypto.net</a> 
For a secure and safe investment environment✅

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USDT-BEESTAKE is a SCAM!!!

‼️SCAM ANNOUNCEMENT‼️

It has come to our attention that another unethical person has taken advantage of the proof of work that Haze Security is giving our community.

The owner of this project has used a fake audit pdf in our name on their website but we haven&#39;t audited the project!

❌ <a href="http://www.trxprime.finance">http://www.trxprime.finance</a> ❌

Let it be known that we did not made such audit which means that their source code is UNVERIFIED and therefore PRONE TO VULNERABILITIES AND/OR SCAM CODES!

Be warned and be so kind to share this information with as many friends you have!

<a href="http://HazeCrypto.net">HazeCrypto.net</a> 
For a secure and safe investment environment✅

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TrxPrime is a SCAM!!!

‼️SCAM ANNOUNCEMENT‼️

&nbsp;

It has come to our attention that another unethical person has taken advantage of the proof of work that Haze Security is giving our community.

&nbsp;

The owner of this project has used our name on their website but we haven&#39;t audited the project!

&nbsp;

❌ https://bnbfinity.com/ ❌

&nbsp;

Let it be known that we did not made such audit which means that their source code is UNVERIFIED and therefore PRONE TO VULNERABILITIES AND/OR SCAM CODES!

&nbsp;

Be warned and be so kind to share this information with as many friends you have!

&nbsp;

HazeCrypto.net

For a secure and safe investment environment✅

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Bnbfinity.com is a SCAM!!!

It has come to our attention that another unethical person has taken advantage of the proof of work that Haze Security is giving our community. The owner of this project has used our name on their website but we haven&#39;t audited the project!

 
❌ https://bloop.finance/ ❌ 
https://bscscan.com/address/0x10e23eeb09c533ab80a58ed0e3722c57b96ab8e7

 
Let it be known that we did not make such an audit which means that their source code is UNVERIFIED and therefore PRONE TO VULNERABILITIES AND/OR SCAM CODES! Be warned and be so kind to share this information with as many friends as you have!

⚠️ Furthermore, there is a 50% owner fee which is absurd.

 
HazeCrypto: 
For a secure and safe investment environment✅

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Bloop.Finance is a SCAM!!!

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The Matic Gains is the most Stable & Profitable Yield Farming Dapp on Polygon.

MaticGains

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Maticsea

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Efatah33

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StableOne

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BNBShieldStaking

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BinanceStake.Finance

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BNBSky

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BNBDaddy is a decentralized gambling game

BNBDaddy

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BinanceFarm

Cryptocurrency is a new distribution in the financial industry. Transparency and security are the core element in a crypto project which is much lacking in the traditional financial industry.

Recently we have seen many scams, rug pulls, and honey pots both in ROI Dapps and Defi protocols within the cryptocurrency sector. Today, we&rsquo;re going to look into a common issue which is called an Exit Scam.

&nbsp;

&nbsp;

<h1>What are exit scams?</h1>

There are 3 classic Exit scams that commonly happen in the ROI DAPP sector. Below are 2 common scenarios that are frequently used by project owners/developers

&nbsp;

<ol>
	<li>Owner Acts 
	In this situation, the project owner deposits a large amount into the project either before the launch date or upon launch of the project, a large amount is invested into the project. Indirectly, this will portray an impression, that the project is solid and stable, which users will have &ldquo;extra confidence&rdquo; to invest, knowing that there is a large amount in the contract balance 
	 
	When the balance is sufficient and when the owner&rsquo;s invested amount has reached its maturity period, they&rsquo;ll withdraw all their investment, which will cause a huge dent in the contract balance. 
	 
	This will, directly and indirectly, cause panic and investors will start performing panic withdrawal. Most of the time, in this situation, the project will last a minimum of 24 hours and a maximum of 48 hours. 
	 
	 
	&nbsp;</li>
	<li>Codded scripts 
	When a ROI Smart Contract is deployed, and the project is not audited, there are high (almost 99.99%) either the project owner or developer(s) of the project had embedded and malicious code to withdraw all the funds from the project (smart contract) when they decide to shut it down (which usually, after their targeted amount of money in crypto is achieved) 
	 
	When the function is triggered, the entire amount in the smart contract balance will be withdrawn and sent to the project owner or the developer and no investors are able to withdraw after that since there won&rsquo;t be any balance in the smart contract for withdrawal</li>
</ol>

&nbsp;

&nbsp;

<h1>DAPP Mirror Effect</h1>

This is the third scenario that does happen but is not as frequent as the 2 scenarios above. So, what is a Mirror Effect? 
 
Here&rsquo;s the outline view of what a DAPP Mirror Effect is. 
 
1. A verified and audited contract is been deployed 
2. After x number of days, the original verified and the audited contract is been replaced with an unverified and unaudited smart contract to perform an act of scam and unethical scenario

&nbsp;

&nbsp;

<h1>Mirror Effect Explained </h1>

Let&rsquo;s understand how a project owner uses Mirror Effect to lure potential investors and then Rugg the entire project. This is a very unethical, gruesome, and heartless act of a project owner @ human towards their investors @ another human.

In the beginning, the project owner will deploy a smart contract that has no malicious codes or any scam scripts. This is done due to the fact that they need an audit report to back their project and to show to the community @ investors that their project is legit and has been audited by more than one audit company. Usually, they&rsquo;ll choose reputable audit companies, like HazeCrypto that has a name in the current industry. 
 
The twist here is, they will have the same smart contract built up but with a malicious code or backdoor ready to be deployed as well.

Now, once the project owners have received the audit report from the auditing company, they will do either of these two:-

<ol>
	<li>They will not temper with anything for a while (maybe until the contract has 10 / 100 BNB) then they&rsquo;ll swap the original verified and audited contract with the fake contract. Or,</li>
	<li>Instant swap between the original verified and audited contract with the scam contract.</li>
</ol>

&nbsp;

<h1> 
Scams / Backdoor On an Audited &amp; Verified Project?</h1>

&nbsp; 
I believe this will be the next big question that you would want to know and ask. It doesn&rsquo;t sound logical nor can your mind comprehend it but there is more than meets the eye.

One has to understand that the blockchain verifies a smart contract only. Auditing companies, verify the programing codes, in this case, Solidity. Neither the blockchain nor an auditing company conducts a check or audit on the following: - 
1. Website speed/layout 
2. Design / Video / Animation 
3. Management of the project 
4. Marketing &amp; Promotions 
5. Community growth

An auditing company checks the project&#39;s code once it&rsquo;s been deployed on the blockchain. When all the necessary criteria are met, and no backdoors, malicious codes, or scam scripts are found, the audit company issues a report verifying that the project bearing the stated contract address is legit and no unethical or fraudulent activity is found. 
 
The most important part here for you as an investor to understand and take note of is:-

You, as an investor, must always verify the project&rsquo;s smart contract address against the audit report&rsquo;s details. When both the smart contract address is the same, it ensures that you are investing in the verified project, but if you notice a difference, please do not invest as 99.99% it&#39;s going to be a fraudulent act of play. 
&nbsp;

<hr />
Now, that you have a comprehensive understanding of how Mirror works, let&#39;s have a look at the recent scam happenings with a project called BNBMatrix.

<ol>
	<li>The owners/developers created and deployed a smart contract that was free of backdoors, malicious codes, and scam scripts</li>
	<li>They got the smart contract audited by audit companies</li>
	<li>Upon receiving the audits, they swap the interface of the website to the unverified and unaudited smart contract</li>
	<li>Investors invested in the unverified contract and none actually verified the smart contract they are investing in with the smart contract address in the audit report</li>
	<li>The funds were withdrawn in the pretax that investors withdrew the profits</li>
	<li>A few days prior to the incident, a second version of the same project was created and deployed</li>
	<li>HazeCrypto identified the issue when many complaints came in</li>
	<li>A scam announcement was created and posted and the owners, quickly got the smart contract verified and wanted an audit report from HazeCrypto</li>
	<li>They were rejected by HazeCrypto because they had acted unethical and conducted their business unethically and scammed many users&rsquo; who trust them</li>
</ol>

&nbsp;

<h1>Learn &ndash; Read &ndash; Understand</h1>

&nbsp;

The only way to be competitive and also avoid being scammed or rug pulled is to get yourself educated about those topics. A few things you as an investor should take into consideration before investing in a ROI Dapp:-

<ol>
	<li>Always look for an audit report. Verify the contract address that you&rsquo;re going to invest vs the contract address at the audit report</li>
	<li>PDF/whitepaper of the project is something you have to study and understand. Without understanding the details and how the project works, don&rsquo;t invest.</li>
	<li>Ensure that the group is active or a moderator/admin is there to answer your questions/doubts</li>
</ol>

&nbsp;

For any doubts or any related issues about a project which has been audited by HazeCrypto, please feel free to ask at our <a href="https://t.me/+PAwSC9mDEaBkNTlk" target="_blank">telegram community group.</a>

&nbsp;

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HazeCrypto - The Rise of Cryptocurrency Exit Scams

The Rise of Cryptocurrency Exit Scams

So what is the Metaverse? It sounds like a subject billionaires talk about to be in the spotlight, like the owner of Tesla, Elon Musk on how he wants to build a world on Mars. Another news is about Mark Zuckerberg, on how he rebrands Facebook to Meta. It seems like all the billionaires are all into Metaverse. 
&nbsp;

<h2>Let&rsquo;s Dive Deeper Into Metaverse</h2>

The term &quot;Metaverse&quot; is not new, but there has recently been a surge in popularity and speculation about what this all means in practice. The metaverse idea is useful and will likely be surrounding us for some time. This is an ideology and concept worth understanding even if, you are not interested in the whole idea of Metaverse or crypto in general.

&nbsp;

<h2>The Metaverse: A Name whose Time Has Come?</h2>

Humans have developed many technologies to trick our senses, from audio speakers and televisions to interactive video games and virtual reality, and in the future, we may develop tools to trick other senses of our body such as touch and smell. There are various names for this technology but do date, there is no terminology to describe the 1st creation of the world we live in now (the physical world) and a world which is built by men with false visuals compared to reality (the virtual world)

Words like &quot;internet&quot; and &quot;virtual world&quot; have been associated with the places we access via computer and mobile screens. They don&#39;t quite capture the stable interweaving of the internet with virtual reality (like 3D game worlds or virtual cities) and augmented reality (like navigation overlays or Pokemon GO).

Facebook announced recently that they are tapping into the Metaverse. To the extend Facebook to be rebranded to Meta. Mark Zuckerberg shared the idea of how business on Facebook will look like and how social media will have a new breath of life by incorporating Metaverse.

The term Metaverse has been a catchy and trending word though scholars and academics have been writing and documenting this idea. It didn&rsquo;t catch and gain much popularity due to the word itself &ldquo;Extended Reality&rdquo;. It sounded old fashion and hence a boring name (subject) to be adopted by the mass. This made the majority of the people ignore the old fashion term of the metaverse.

&quot;Metaverse&quot;, coined by science fiction writer Neal Stephenson in his 1992 novel &quot;Snow Crash,&quot; has a different and more appealing approach. Authors have an instinct of recognizing trends of names that need to capture their audience like &quot;Cyberspace&quot; comes from William Gibson&#39;s 1982 book; &quot;Robot&quot; comes from Karel Musty&#39;s 1920 play.

Recent neologisms such as &quot;cloud&quot; or &quot;Internet of Things&quot; have stuck with us indefinitely because they are practical ways of referring to technologies that are becoming increasingly important to the human race. Metaverse sits in this same category.

&nbsp;

<h2>Who Benefits From the Metaverse?</h2>

If you hear/read extensively about big giant tech companies like Google, Facebook, Microsoft, and Apple, &nbsp;you&#39;ll probably experience the rapid technological advancements (such as the rise of the metaverse) are inevitable. It&#39;s a given choice and it&rsquo;s not hard to start thinking about how this new technology will be shaping our society, politics, and culture, and how we will adapt this in our daily lives in the future.

This idea is called &quot;technological determinism,&quot; the notion that technological advancement shape our social, power, and cultural relationships, with us as the passengers (some trendsetters). This ignores the fact that in a democratic society we have a say in how all of this happens.

For Facebook and other big giant companies, that are adamant to embrace the &quot;next big thing&quot; before their competitors do, the metaverse is attractive technology because it presents opportunities to the market, new types of social networks, new consumer gadgets, and new patents.

The only question here is &ndash; will you and I embrace this new technology willingly and be happy with the advancement and the opportunity it brings to the table?

&nbsp;

<h2>Beyond One World</h2>

A challenge that is currently spurring around is, what kind of worldview with the metaverse represent?

A glimpse of an experience of Metaverse can be derived or taught of us as a human, being in a box or a container within a single reality. Imagine you as an individual that enters a room full of rose gardens and butterflies and streams flowing and nothing is real but you experience a whole new life and environment around you. This is what Facebook is trying to implement within the Facebook Metaverse.

In another approach, which sociologists say is common in Indigenous cultures, each of us is able to create the reality we live in through what we do in our daily lives or whish such an environment. This includes the work environment, socializing and connecting people, land, life, and spirituality, and together creating reality. It&rsquo;s like building a whole new world based on the creativity and need of the person at the present moment.

The main challenge with the current (existing) view is that it leads to a &quot;single world domination&quot;: a reality (virtual reality) that does not permit other realities to be infused in. This is what we have been experiencing with existing platforms.

The idea of ​​a Metaverse is shifting daily into our lives, knowing or unknowingly within a universal platform. The metaverse offers us endless possibilities by overcoming the constraints of the physical world; but by doing so, it only replaces the limitations imposed by what the metaverse allows.

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What is the Metaverse?

Lately, NFT has become the hottest topic in the crypto world.&nbsp;Three years ago, the NFT market was only worth $42 Million.&nbsp;By the end of 2020, the market value of NFT has soared by 705% to $338 Million, according to NonFungible, one of the bodies that monitor the NFT market.

NFT is becoming increasingly popular and gaining a lot of traction.&nbsp;Yet, there are still many people who don&rsquo;t know how NFT works, and most NFT buyers are still confused about what they buy and what they get after buying NFT.

<h2> 
What exactly is NFT?</h2>

NFT or its long name &lsquo;Non-fungible tokens&rsquo;, is&nbsp;a digital token&nbsp;that allows you to sell and buy ownership of digital assets.&nbsp;Each NFT must be tied to any unique digital asset and the two cannot be separated if they are already recorded on the blockchain network.&nbsp;Examples of NFT include, but are not limited to drawings, music, animated GIFs, videos, cosmetics in video games, and concert tickets.

&nbsp;

<h2>How does NFT work?</h2>

Imagine you create a painting that has its own uniqueness, and then you upload the painting on the internet.&nbsp;Everyone can capture, copy and use the drawing without giving you any credit or profit.&nbsp;However, with the NFT, you can link a digital token with your drawing, which explains that the original and genuine drawing came from you.&nbsp;NFT allows artist-designers to protect their artwork, as well as place a price or value on their assets.

&nbsp;

<h2>What is the connection between NFT and blockchain?</h2>

In a nutshell, a blockchain is a technology that allows the use of cryptocurrencies in its network of technologies. Among the popular cryptocurrencies are Bitcoin, Ethereum, Dogecoin, and many more. To date, most NFT management will use blockchain technology in Ethereum currency for authentication and record-keeping purposes. However, other currencies such as Tron&nbsp;and Bitcoin&nbsp;have also started creating NFTs on their own blockchain networks.

These blockchains will verify the authenticity of each NFT transaction so that buyers and owners of digital assets can know the difference between genuine and fake NFTs.&nbsp;Once the owner of the digital asset enters your purchase details into blockchain technology, the ownership of the token will become yours and it can no longer be deleted, altered, or exchanged.

&nbsp;

<h2>Who owns the NFT?</h2>

What you get after buying or selling NFT depends on the agreement of you and the owner of the digital asset.&nbsp;Typically, the&nbsp;owner of a digital asset will sell a digital token along with ownership&nbsp;of the digital asset.&nbsp;However, there are also digital asset owners who only sell digital tokens because they still want to own ownership of their own work.&nbsp;This means, you will have no ownership and will not be involved in the profit or loss of the digital asset.&nbsp;Unless you have an additional agreement with the owner of the digital asset.

&nbsp;

<h2>How is NFT assessed?</h2>

Traditional art such as painting in a museum has a very high value because the painting is genuine and may have a history, sentimental value or a hidden story.&nbsp;The way NFT is evaluated is similar to a painting hanging in a gallery or physical museum.&nbsp;The internal value and uniqueness of NFT are subjective, depending on the respective perspectives.&nbsp;So, what is unique to you is not necessarily unique to others.

The NFT you buy will likely remain relevant in the next one to five years.&nbsp;If this scenario happens to you, you can continue to keep your NFT and wait for high bids then resell to make more profit.

&nbsp;

<h2>What are the risks of investing with NFT?</h2>

 
1. How NFT is assessed

One of the risks that exist in the NFT market is the uncertainty in determining the price or value of NFT.&nbsp;So far, the price of an NFT seems uncertain as there are no official guidelines for any NFT category.&nbsp;However, NFT is typically evaluated according to the following characteristics:

<ul>
	<li>The credibility of digital asset owners</li>
	<li>The uniqueness of NFT</li>
	<li>Digital artist creativity</li>
	<li>Number of NFT copies</li>
	<li>Historical or aesthetic value 
	&nbsp;</li>
</ul>

2. Forgery of NFT sales

If you have a digital asset and want to create the NFT of the digital asset in the market, most likely there will be parties who want to falsify your NFT. This is intended to confuse the buyer. This downside risk was emphasized by Nadya Ivanova, Chief Operating Officer of L&rsquo;Atelie BNB Paribas. According to Ivanova, &quot;anyone with access to the internet can fake NFT&quot;. This is because&nbsp;there are many cases where NFT sellers masquerade as owners of digital assets&nbsp;and sell replica NFTs instead of genuine ones.

As a digital asset owner, perhaps you can protect your digital assets by placing a watermark, signature, or technological verification so that buyers can review and review the details of your digital assets and NFTs.&nbsp;As a buyer, however, you are encouraged to purchase NFT through the right channels and deal with the owner of the original digital asset. 
&nbsp;

3. High NFT gas fees

To process NFT on a blockchain network, users have to pay various types of transaction costs, including gas fees.&nbsp;Gas is a unit of measurement that counts the amount of computer power needed to complete an activity on a blockchain network, much like a car needs oil to function.&nbsp;One of the uses of gas fees is to prevent spammers from clogging blockchain networks.&nbsp;In summary, NFT buyers have to pay for gas when purchasing NFT and digital asset owners have to pay for gas when accepting a purchase offer.

The price of this fee depends on the following features:

<ul>
	<li>Blockchain network congestion at the delivery time</li>
	<li>The size of the NFT you want to implement</li>
	<li>The speed of your NFT process</li>
</ul>

Due to the growing popularity of NFT and increasingly busy blockchain activity, gas fees will tend to go up.&nbsp;So, you will probably spend your money by paying gas fees, sale and purchase fees including also the cost of converting cryptocurrencies.&nbsp;However, if your digital assets have the potential and uniqueness that can cover those fees, you can try investing with NFT.

&nbsp;

4. You can lose your NFT

Each NFT is not stored in the same way.&nbsp;While most NFTs operate using the Ethereum blockchain, this does not mean every NFT is stored there.&nbsp;In contrast, most NFTs only have links to digital assets stored elsewhere in the internet space.&nbsp;This could be due to a number of things, perhaps a high resolution image, or the file is too large to be stored on the blockchain.

You run the risk of losing NFT if the application or platform that stores your digital assets fails to function or its use is banned.&nbsp;So far, the NFT industry is still looking for a solution and this method is still used for now.&nbsp;What you can do from losing your NFT is to find a stable and authentic application or platform so that your NFT is stored safely.

&nbsp;

<h2>Should you use NFT?</h2>

While NFT has many risks, it still provides a bright opportunity for digital artist-designers to showcase their talents.&nbsp;Whether you should buy NFT or not, depends on the purpose of each individual.

&nbsp;

1. Buyer or collector

If your favorite artists issue their digital assets in the form of NFTs, you as a fan can purchase the digital assets and then have proof of ownership of those NFTs.&nbsp;Not only that, if the NFT is sold together with the ownership of the original digital asset, you can use the digital asset exclusively for yourself. 
&nbsp;

2. Owner/designer of digital assets

If you are an owner or designer of digital assets, NFT is one way for you to sell or showcase your artwork.

After you create an NFT, you have the option to set the percentage of royalties that will be linked to the digital asset and the NFT.&nbsp;This means, if the NFT is sold, you will receive a percentage of the proceeds of the sale.&nbsp;If the person buys your NFT, then resells the NFT to someone else, you will still get a royalty percentage.&nbsp;Make sure you understand transparently about your NFT royalty percentage and ownership rights.

The current state of NFT can be likened to the internet phenomenon of the early 2000s.&nbsp;The majority thinks that the internet is only a temporary thing, but who would have thought that the internet is one of the greatest developments of globalization in the field of technology. 
&nbsp;

<h2>Conclusion</h2>

In any case, you should be careful and always do your own research on the crypto world.&nbsp;Consolidate your knowledge before investing, buying, or selling in the NFT market.

&nbsp;

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HazeCrypto - What You Need to Know About Non-Fungible Tokens (NFTs)

What You Need to Know About Non-Fungible Tokens (NFTs)

Rug pull&nbsp;is a term used in the world of cryptocurrencies.&nbsp;Literally,&nbsp;rug pull&nbsp;is pulling the carpet.&nbsp;But in the crypto world,&nbsp;rug pulls&nbsp;have another meaning.&nbsp;It is a type of&nbsp;scam&nbsp;or deception where the developer abandons a project and takes all the money that investors have invested in his/her project.

The emergence of cryptocurrencies and blockchain, with the sudden surge of Bitcoin on the rise, opened up many investing avenues and opportunities.&nbsp;New industries with the crypto space are opening up, hence there are lots of new jobs and opportunities in this field.&nbsp;Because of the tremendous interest in this field, the speed of service is needed.&nbsp;This is one reason why the security and transparency of the project are often neglected and overlooked.&nbsp;This opened a new wave of fraudulent activity such as rug pulls. 
&nbsp;

<h2>Simple Definition of Rug Pull</h2>

When liquidity is lost(drained) suddenly by the project owner or the project core team members, it causes a huge loss in the project.&nbsp;At this point, none of the investors are able to trade or swap their tokens which causes a huge financial loss.&nbsp;This is a form of&nbsp;exit scamming&nbsp;where the developer will drain the DEX. 
&nbsp;

<h2>How Do Rug Pulls Work?</h2>

Rug pulls&nbsp;usually occur on decentralized exchanges (DEX).&nbsp;Developers will generate tokens and list them on a DEX, then intentionally pair them with popular cryptocurrencies like Ethereum or Binance Smart Chain.&nbsp;Usually, there will be investors, investing(buying) in those tokens.

After the desired amount is reached, the developers then withdraw all of them from the liquidity pool.&nbsp;As a result, the price of the listed coins hits zero.&nbsp;Investors who have already invested in that particular project now encounter a huge loss of their investment when this situation occurs.&nbsp;

But why does this scenario happen?&nbsp;How can an investor blindly invest in a new project without doing proper research and due diligence or background check of the project owners?

To create a rug pull,&nbsp;developers can do anything.&nbsp;For example, they will create hype or sensation on social media such as Twitter or Telegram.&nbsp;It can also be on other social media.&nbsp;They then inject large amounts of liquid capital into their pool.&nbsp;By doing that, newbie investors will believe that the project is trustable and worth investing in.

&nbsp;

<h2>Where does Rug Pull Occur?</h2>

Rug pulls&nbsp;generally occur on a DEX because new tokens generated can be easily registered for free and there is no need for an audit check. The process is not the same as a centralized cryptocurrency exchange.&nbsp;Exchanging BNB or ETH for newer coins on an open blockchain is easy and hassle-free.&nbsp;Because of these 2 factors, the developer takes advantage of the situation and treats it as an opportunity to Rug Pull.

As mentioned earlier, these fake and irresponsible developers will create hype and sensation on social media to gain attention.&nbsp;The modus of operation is usually by creating a group on Telegram and gathering as many potential investors as possible.&nbsp;In order for investors to be easily tricked or to believe in the soon-to-be Rug Pull project, they will register tokens that have similar names to existing popular projects.&nbsp;That way, these developers are able to get the attention of a wider group of investors. 
&nbsp;

<h2>Many Investors Have Lost Big</h2>

Every day there are many new coins that are been listed on the DEX. One of the most popular DEX is PancakeSwap. This DEX is known to accept any new coins to be listed without KYC or any project background check.&nbsp;For an experienced trader or a cryptocurrency investor/player, it may not be easy to trick or fool them.&nbsp;But for those who are new to the world of cryptocurrencies, these newbies will be happy to exchange their BNB or ETH with a new coin which promises an increase by 10 times sometimes 100 fold in just 24 hours.

Such investors usually believe in groups created by fake developers on social media.&nbsp;They usually believe that they had found the greatest gem or investment opportunity of their life.&nbsp;But in reality, they are about to encounter a huge loss.

On Twitter, the practice of&nbsp;rug pulls&nbsp;occurs regularly.&nbsp;An example is a new coin that imitates a name similar to Ampleforth (AMPL), which is called TRUAMPL (TMPL).&nbsp;A new TRUAMPL was created, and in 3 hours, after the desired amount had been collected, the developer did a&nbsp;rug pull.&nbsp;Ethereum as much as 1800 ETH was taken away in a wink of an eye. 
&nbsp;

<h2>How to Avoid Getting Hit by the Rug Pull Trick</h2>

Cryptocurrency investors must pay attention to the use case of the coin in which they are about to invest.&nbsp;Also, if the price of the token suddenly pumps within 24 hours, then there are high chances a Rug Pull might occur and that project should be carefully watched (better still &ndash; stay away from these kinds of projects).&nbsp;For example, the price of a coin changes from 0 to 50 times more in 24 hours.&nbsp;This trick is used to attract investors to be interested in the new coin.&nbsp;But don&#39;t be fooled by this kind of trick. Again, emotions play a vital role when investing in cryptocurrencies.

However,&nbsp;rug pull&nbsp;won&rsquo;t happen in all projects.&nbsp;Most reputable and honest projects will lock in their liquidity.&nbsp;This liquidity is locked for a certain period of time.&nbsp;To avoid being Rug pulled, it is recommended that cryptocurrency investors always check the liquidity in the DEX pool.&nbsp;Also, try to choose a project that has a longer liquidity lock time frame.

In addition, it is recommended to do research on the coins which you&rsquo;re about to invest in.&nbsp;For example, find out how marketing will be conducted, how are they acquiring new investors, who are the team behind the coin, what are the developers and core team members experience.&nbsp;Is the developer a credible developer or a new player? These are some of the questions which you as an investor have to ask and know before investing in a project.&nbsp;By going through some basic questions with the developer/project owner and core team members, you are able to minimize the risk of falling prey to a Rug Pull project.

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HazeCrypto - What is a Rug Pull in Cryptocurrencies?

What is a Rug Pull in Cryptocurrencies?

What is Shitcoin?&nbsp;The term shitcoin is used in the world of cryptocurrencies.&nbsp;This word refers to cryptocurrencies that have very little value or even no value at all.&nbsp;Cryptocurrencies called shitcoins are basically worthless.&nbsp;It is for this reason that the word &ldquo;shit&rdquo; is used in shitcoins whose purpose is to devalue the currency.

Usually, shitcoins are aimed at cryptocurrencies or altcoins that were created after the Bitcoin boom.&nbsp;A cryptocurrency or coin can lose value because the project owner(s) fails to attract investors.&nbsp;This could be due to the fact that there is no confidence in the currency in the first place or because the price of the currency was based on speculation.&nbsp;For some of these reasons, this currency is considered a bad investment. 
&nbsp;

<h2>How Shitcoin Works</h2>

Bitcoin has seen an increase in popularity since it was first introduced in 2009. Bitcoin&#39;s success has even attracted the attention of businesses that are leveraging blockchain technology to create their own altcoins.&nbsp;Many other companies/project owners want to have altcoins as their digital assets, using the Bitcoin design as the main basis.

Developers usually announce how many tokens are available. Bitcoin supply is limited to only 21 million tokens per year. While Ethereum is capped at 18 million per year. due to limited supply, eventually, Bitcoin and Ethereum became scarce. Investors understand that Bitcoin and Ethereum will no longer be producing additional tokens. In theory, the more tokens the value decreases. The same principle applies to stocks.

Due to the constant supply of altcoins, their value also depends on demand. But because most cryptocurrencies have very limited real-world use, the value of cryptocurrencies is purely based on speculation. Buying and selling goods or services with cryptocurrencies hasn&#39;t happened much. That&#39;s why people use the term shitcoin just because of the existence of the coin that can&#39;t be used in the real world.

Shitcoins are easy to identify as they follow the same pattern.&nbsp;At the time the coin was launched there might be an increase in interested investors, but the price is relatively fixed, not increasing.&nbsp;Or it could be that the price increases because many investors are interested in the project and purchasing them rapidly.&nbsp;But then the price drops drastically as investors sell(withdraw) their coins to take advantage of short-term profits only.

In the near future, there might be a decline or almost zero to none in shitcoin development as the trend has shifted to Defi and Metaverse.&nbsp;This can be seen from the growing interest of cryptocurrency holders who are venturing into a more secure and trending arena such as the Defi and Metaverse arena.

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<h2>How to identify Shitcoins?</h2>

At the moment, there are a lot of coins circulating in the cryptocurrency market.&nbsp;Most coins will be volatile due to their high level of volatility.&nbsp;Among the many currencies, there will be coins where their activities are not visible or trackable.&nbsp;This coin has no use case or purpose hence it doesn&#39;t move.&nbsp;These types of coins are called shitcoins.

Most of the shitcoins are small-cap altcoins.&nbsp;Shitcoin can be purchased on several large-scale cryptocurrency exchanges.&nbsp;Shitcoins are subjective, so it&#39;s a bit difficult to give specific advice on which platform is the right one to buy Shitcoins.

If you intend to look for shitcoins, you should use a platform that is designed for investors who like to invest from one currency to another.&nbsp;Examples of such large platforms are Cointiger, Bittrex, Bitmex, Bitmart, and other trusted official platforms.&nbsp; 
&nbsp;

<h2>Why Buy Shitcoins?</h2>

Small-cap cryptocurrencies may be the highest-risk and highest-reward form of investment.&nbsp;There is a high chance that you will lose all your money by investing in shitcoins.&nbsp;Even so, sometimes you can be in 2 situations as follows:

<ul>
	<li>The Shitcoin you own is involved in the Pump and Dump scheme</li>
	<li>The Shitcoin that you have is not a shitcoin, but a cryptocurrency built around a certain use case that has a price, so you too will be an &quot;early adapter&quot; or the first person to own the currency.</li>
</ul>

If you get to be in these 2 situations, then this will be very profitable.&nbsp;Especially if you have a definite goal when is the right time to sell the coin.&nbsp;On certain occasions, a small investment can actually generate a large sum of profits.&nbsp;Always remember to set your goal and don&#39;t get too emotionally attached to the coin.

A good example of this phenomenon is the impressive increase in the SHIBA value.&nbsp;It is a coin that is considered a shitcoin by many.&nbsp;But in a very short time, the SHIBA currency skyrocketed in value which created many millionaires and even billionaires.&nbsp;This incident also made investors who believe in the value of SHIBA become rich in an instant.&nbsp;But of course, because the coin had no product and was overhyped, the price gradually decreased in terms of price. 
&nbsp;

<h2>Tips Before Buying Shitcoin</h2>

If you have more funds and want to try investing in shitcoins, you should do some research first on the short-term and long-term potential of the currency.&nbsp;Then pay attention to market conditions.&nbsp;Remember not to get too emotional or have an attachment when investing in cryptocurrencies especially shitcoins.&nbsp;It&rsquo;s always good to read the whitepaper and understand the project before investing your hard-earned money.

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What is Shitcoins?

<h2>What Are GPU Mining And ASIC Mining?</h2>

Today we will look into crypto mining.&nbsp;In this post, we will discuss the differences between GPUs mining&nbsp;and also ASIC&nbsp;mining.&nbsp;For readers who are new to the world of cryptocurrencies, this is a common term which you would have read or heard about.&nbsp;Here is a simple introduction to crypto mining. 
&nbsp;

<h2>GPU Mining</h2>

GPU mining&nbsp;refers to performing a hashing process via a GPU, where the GPU can be used for mining&nbsp;various types of cryptocurrencies.&nbsp;GPU mining&nbsp;can be used to form&nbsp;various types of cryptocurrencies only through an exchange mining&nbsp;algorithm.&nbsp;GPU&nbsp;mining&nbsp;is like a flexible machine, which only with a small tweak or change in the mining&nbsp;algorithm, we can perform mining&nbsp;of various cryptocurrencies which is available within the software that you are using.&nbsp;Among the current cryptocurrencies that use GPU mining&nbsp;is Ethereum, which is one of the most popular cryptocurrencies and ranked second on the CoinMarketCap portfolio today.

&nbsp;

<h2>GPU advantages Mining</h2>

<ol>
	<li>Able to perform mining&nbsp;various types of cryptocurrencies permitted by the software that you are using</li>
	<li>The GPU can be used for other applications such as for video rendering and video gaming if not used for crypto mining operations</li>
	<li>Available to most people and sold on the open market.</li>
</ol>

<h2>GPU weakness Mining</h2>

<ol>
	<li>Inefficient in terms of electrical power consumption and algorithm processing.</li>
</ol>

 
&nbsp;

<h2>ASIC Mining</h2>

If GPU&nbsp;mining&nbsp;is a system that can perform crypto mining operations simply by changing the algorithm, ASIC mining&nbsp;is a system where it is specifically built and optimized for the processing of one algorithm only.&nbsp;The advantage of using this system is the efficiency of the use of electrical power and processing algorithms in mining&nbsp;compared to GPU mining.&nbsp;The best example of ASIC hardware for mining&nbsp;is Bitcoin.

<h2>Advantages of ASIC Mining</h2>

<ol>
	<li>Faster and more effective hashing algorithm processing</li>
	<li>Lower electrical power consumption</li>
	<li>Easy to implement on a larger scale</li>
</ol>

<h2>ASIC Weaknesses Mining</h2>

<ol>
	<li>Able to process only a singular&nbsp;mining&nbsp;algorithm. Should the algorithm changes or the efficiency of mining&nbsp;is no longer profitable, the ASIC miner will lose its value 
	 
	&nbsp;</li>
</ol>

&nbsp;

<h2>Conclusion</h2>

In short, GPU&nbsp;mining&nbsp;is a flexible crypto mining system while ASIC mining&nbsp;is a static crypto mining system.&nbsp;Both, of these two methods of crypto mining, have their advantages and disadvantages.&nbsp;So in choosing the hardware of crypto mining between GPU mining&nbsp;and ASIC mining, please ensure you know and understand what cryptocurrency you want to acquire, and the limits of the crypto mining method you choose.&nbsp;For example, Bitcoin&nbsp;is more efficient using ASIC mining&nbsp;while for Ethereum, GPU mining&nbsp;is much more effective and profitable.

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