Crypto is full scams hacks and rug pulls, and yesterday I happened to fall into one.
Here is what happened and how you can keep it from happening to you
Here is what happened and how you can keep it from happening to you
I was looking to buy some $GNS on a dip.
I noticed it was trading at a discount on uniswap on arbitrum compared to the rest of the market and thought nice its my lucky day.
I noticed it was trading at a discount on uniswap on arbitrum compared to the rest of the market and thought nice its my lucky day.
I didnt want to miss the arb so I needed to act fast, I saw that there were buys and sells so I knew it couldnt be a honey pot. so I decided to ape now ask questions later.
This was a big mistake, The pool was not a real LP, it was a fake LP and was a fake Gns token.
This was a big mistake, The pool was not a real LP, it was a fake LP and was a fake Gns token.
There were buys and sells on the token but the LP was a contract that is only able to be sold by a certain address (the owners address), all other address's are only able to buy the token and not sell.
You can also look at the contract addresses on a blockchain scan and clearly see these are 2 completely different tokens
Instead of just aping I should have spent a few more minutes to get the correct contract address from the protocol white paper, coingecko, address list from the team in the discord.
Yesterday I learned a valuable lesson and I knew better, I was just being lazy.
Im sharing this because dont want anyone else to make the same mistake. For me It was an expensive lesson but its the cost of tuition.
Moral of the story Dont be Lazy and do the proper DD
Im sharing this because dont want anyone else to make the same mistake. For me It was an expensive lesson but its the cost of tuition.
Moral of the story Dont be Lazy and do the proper DD
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