‼️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 mentioned being audited by us on their website.

 
❌ http://Bnbhourly.com/ 
❌ https://bscscan.com/address/0x8E1eE245cc54f4c9F552A098bA99d58dde708015

 
Let it be known that we did not make such audit

 
WE HIGHLY RECOMMEND THAT YOU STAY AWAY FROM THIS PROJECT!

 
Be warned and share this information with as many friends you have!

 
✅ HazeCrypto.net 
For a secure and safe investment environment

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BnbHourly is a SCAM!!!

<h2>‼️SCAM ANNOUNCEMENT‼️ 
========================</h2>

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 mentioned about being audited by us on their website.

❌ <a href="https://bnbtoast.xyz/">https://bnbtoast.xyz/</a>

Let it be known that we did not made such audit and upon checking, their contract, a backdoor was found.

❌ <a href="https://bscscan.com/address/0xDA933D6928A72B25763D357de550E3c6A8d4d804">https://bscscan.com/address/0xDA933D6928A72B25763D357de550E3c6A8d4d804</a>

WE HIGHLY RECOMMEND THAT YOU STAY AWAY FROM THIS PROJECT!

Be warned and 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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BnbToast 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 switched the audited contract to a scam contract address on their website.

❌ https://bnbfishing.com/

Let it be known that we did not audit the current contract address, and upon checking...we found a scam code wherein owners can make deposits and withdraw immediately along with the dividends.&nbsp;

❌ https://www.bscscan.com/address/0xbe6aaad4c896dcc3b478bb1b7dab7fa003e06dc7

WE HIGHLY RECOMMEND THAT YOU STAY AWAY FROM THIS PROJECT!

Be warned and share this information with as many friends you have!

✅ HazeCrypto.net 
For a secure and safe investment environment

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BNB FISHING is a SCAM!!!

<h2>‼️SCAM ANNOUNCEMENT‼️</h2>

========================

&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 a fake audit report on their website.

&nbsp;

❌ https://usdtbbq.com/

&nbsp;

Let it be known that we did not made such audit, and upon checking...we found a scam code wherein owners can make deposit and withdraw that immediately along with the dividends.&nbsp;

&nbsp;

❌ https://bscscan.com/address/0x9062b94e37f5fc298c53493bb7482ab1318ea9f4#code

&nbsp;

WE HIGHLY RECOMMEND THAT YOU STAY AWAY FROM THIS PROJECT!

&nbsp;

Be warned and share this information with as many friends you have!

&nbsp;

✅ HazeCrypto.net

For a secure and safe investment environment

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UsdtBbq is a SCAM!!

<h2>‼️SCAM ANNOUNCEMENT‼️ 
========================</h2>

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 report in our name on their website.

❌ <a href="https://bnb-cult.com/">https://bnb-cult.com/</a>

Let it be known that we did not made such audit and upon checking, their contract, a backdoor was found.

❌ <a href="https://bscscan.com/address/0x1B32C16c2455704E51F2feb52ceB0742Dd5c93E7#code">https://bscscan.com/address/0x1B32C16c2455704E51F2feb52ceB0742Dd5c93E7#code</a>

WE HIGHLY RECOMMEND THAT YOU STAY AWAY FROM THIS PROJECT!

Be warned and share this information with as many friends you have!

✅ <a href="http://HazeCrypto.net">HazeCrypto.net</a> 
For a secure and safe investment environment

1652080419.png

BnbCult is a SCAM!!!

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MountainMinerUSDC

1653400119.jpg

MountainMinerBNB

1653399620.jpg

BUSDHoney

1653311783.jpg

SALARY

1653311250.png

BNBSeed

1653229188.jpg

MountainMinerBUSD

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BNBRoast

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BNBInstant

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USDT_MINER_NEW

<h2>300+ audits. Over 95% successful long-term projects with happy clients and investors.&nbsp; 
 
&nbsp;</h2>

The journey of HazeCrypto was not a bed roses. We had our ups and downs but 4 pillars stood by us to this date:- 
 
&nbsp;

1. Honesty 
2. Transparency 
3. Trusted Clients 
4. Loyal community 
 
&nbsp;

These 4 pillars made HazeCrypto a trusted and household brand to all Crypto project owners that wants a trusted company that is able to produce safe and honest work 
 
&nbsp;

We, at HazeCrypto are greatly privileged to have clients that believe and trust in our work. We&#39;re privileged to have the business bond and connection that sync so well that they are our loyal clients. We&#39;re privileged that our clients suggest and recommend new and enhanced ways to build the HazeCrypto brand. 
 
&nbsp;

We&#39;re honored and blessed to have an amazing community. A real community of investors and not bots. Investors that are hungry for success and for us to serve them new safe and ethical projects. We are blessed to have a community that points out the rights and wrongs of each community member - we&#39;re a family and for this, we at HazeCrypto are truly honored and blessed. Thank you for being a wonderful community and a family. 
 
&nbsp;

Last but not least, we want to thank all the haters and doubters. Without all of you, we would have just been a normal Auditing company. Yet, you were the people that turned HazeCrypto into a full-fledge Crypto One Stop Solution. What do we do? 
 
&nbsp;

✅ Smart Contract Auditing ( TRON / BSC / ETH / POLYGON / FANTOM / AVALANCHE / More to come ) 
✅ Smart Contract Development ( TRON / BSC / ETH / POLYGON / FANTOM / AVALANCHE / More to come ) 
✅ NFTs Full Stack 
✅ Community Management ( Text + Voice ) 
✅ Discord Management 
✅ Social Media Management 
✅ Project Marketing - We have an Army 
✅ Graphics Design &amp; Video Animation 
 
&nbsp;

Can HazeCrypto do another 300 Audits this year? We&#39;ll update you guys in 2023. 
 
&nbsp;

With much love &amp; respect 
Haze 
CEO 
HazeCrypto Audits &amp; Securities

1646496672.jpg

Celebrating 300+ Secured & Verified Audits by HazeCrypto

Celebrating 300+ Verified Audits At HazeCrypto

Loop on the dynamic variable (low severity). 
If the user gets more parallel deposits his withdrawal transaction going to cost more transaction fee because the loop on the dynamic variable is used in the &lsquo;withdraw&rsquo; function. In case exceeding the GAS limit of the size of the transaction, withdrawal is not possible. 
Note: 
This comment is relevant only if a user creates an excessive amount of parallel deposits (more than 100).

 
 
🤔 Have you seen this message in all our audit reports?&nbsp; 
🤔 Have you wondered what does this means? 
 
&nbsp;

Today, you&#39;ll be learning how to safeguard your gas fee and how to invest smartly in ROI projects. 
 
&nbsp;

All ROI projects work on a set of rules and dynamics on the blockchain. When an investor neglects or overlooks those mechanics, that&#39;s when the issue starts to rise for the investor.&nbsp; 
 
&nbsp;

As an investor, when you invest in an ROI project, the maximum allowed transaction in a single wallet is 100 transactions. These transactions include invest, reinvest, &amp; withdraw functions. So as long you perform an action with regards to the 3 mentioned functions, it&#39;s classified as a transaction. 
 
&nbsp;

When there is 100 transaction executed within the same wallet address, the 101 transactions will fail or incur a very high gas fee cost. On a normal basis, the transaction will be rejected yet the standard network gas fee will be charged. Perhaps some of you might have encountered such an incident; trying to withdraw or reinvest or deposit and you noticed a high gas fee been charged? 
 
&nbsp;

To eliminate such incidents, below are some of the precautions that you as an investor can adopt in your ROI projects:- 
 
&nbsp;

➡️ If you like to have multiple deposits, try using more than 1 wallet&nbsp; 
➡️ Should the project has a reinvest function, try performing this action 3 days once or on a weekly basis. Doing it frequently will cost you a lot more than you can imagine 
➡️ Always check the contract balance before investing and check the contract balance occasionally 
 
&nbsp;

To summarize today&#39;s topic, to avoid high gas fees, do not attempt to trigger the functions (invest/withdraw/reinvest) in the project frequently. Though reinvesting in a project will give you higher returns, as an investor you have to calculate your profit and loss as well. Also, if you plan to perform the mentioned functions frequently, try having multiple wallets and do not perform all actions within a singular wallet address. 
 
&nbsp;

⚠️ 100 transactions under a single wallet address, will lead the system to reject transactions perform thereafter or a high gas fee will be charged. Invest wisely and know how to take profits as a smart investor. All ROI projects are High Risk, yet it comes with High Returns.

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Optimization suggestions - Audit Report

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;

1639297363.png

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.

1636814220.jpg

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. 
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<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.

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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. 
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<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. 
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<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.

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<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. 
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<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. 
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<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?

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