Crypto Scammers currently enjoys billions of rug pull games.

Crypto simply gives people economic empowerment and gives banks the banks of banks in the eyes of those who know the importance of decentralization. But after fighting for years of inclusion, some individuals are using blockchain technology as a playground for heartless fraud, tearing people’s lives savings and turning fraud into a multi-billion dollar industry.

The latest episode of Human traffickingjournalist Mariana Van Zeller unleashes the dark underbelly of the crypto gold rush: Ragpur. It’s easy. It’s ruthless. And it’s destroying life.

“Whenever there is something there that seems to be something that can make money quickly, there are many people who are willing to exploit those dreams and hopes,” I said Mariana.

Ragpur: The perfect crime for those with distrust

Van Zeller said, “I’m probably in seven or eight rugpurs. I think it was my first $500 investment. The next one was almost $10,000.”

Did she ask what he did to recover his loss? His answer: “You just go ahead. There’s nothing you can do. Decentralized funding. So there are no rules and nothing applies. ”

That statement tells you everything you need to know about why Ragpur is still a thing, even though we knew about them, as long as Bitcoin exists.

How do the rugs work? Scammers create tokens, load early at low prices on dirt, and sprint through the market on any social platform. They use paid sills on X, Telegram, Reddit and YouTube pump price.

Unsuspecting investors jump in thinking they’re catching the next bitcoin. The creators then disappear, cashing out while the tokens collapse, and everyone else holds a worthless digital bag. Rug Pulls now accounts for 37%, according to the FBI illegal Cryptocurrency.

Pull everything beyond the rug

California Financial Protection Bureau records show a disappointing 372 entry of fraudulent activities.

In the most entries filed in the US, the 68-year-old lost more than $565,000 after a suspicious transaction from Coinbase to his checking account.

In California, their family was scamned on WhatsApp after being seduced by the fake crypto platform Goomarket LLC. He was fooled for thinking he had made $5.3 million. However, when he tried to withdraw, the platform demanded taxes. He paid. Then more requests came for money laundering clearance. Eventually, he realized he had lost $540,000 and the website disappeared.

“We don’t care”: The scammer’s thinking

The Wanzeller documentary interviews three masked con artists who call Ragpur the “legal way to steal.” One boasts that he calls Mr. X. “You have to get it. We don’t care.”

She pushes him about people who have lost their lives savings, people who have given up on their homes, some have committed suicide and others have sacrificed their retirement funds.

“If you’re going to invest your life savings in a coin, you should take 5 minutes to do a google search… They are the stupidest people on the planetMr. X considered it.

This is here the dark center of the modern fraud economy. He is calm, confident and lacks empathy at all.

The Crypto Index Fund will be bitwise when Q4 2024 is stored as follows: “One of the most important things in Crypto history.” Unfortunately, it could also be the moment when the scam really spread. As John Wilson of Forta Notes, “Fisher and the con man are nothing, if not opportunistic.”