Gaming & Finance
15-17
Crypto Rug Pulls and Teen Scams
Identifying high-risk 'Pump and Dump' schemes targeting young investors.
THE SCAM
Teenagers are frequently targeted on Telegram and Discord by 'influencers' promoting new, low-value crypto tokens. The goal is to get enough people to buy in so the price spikes, allowing the creator to sell everything and 'pull the rug' out from the investors.
SAFETY PROTOCOLS
1. No Direct Messages: Official project admins will never message you first. Anyone who DMs you with an 'exclusive opportunity' is a scammer.
2. The Yield Test: If a project promises a 10 percent return per day, it is mathematically impossible and is likely a Ponzi scheme.
3. Cold Wallets: If you own significant digital assets, never keep them on an exchange. Use a physical 'Cold Wallet' that requires a manual button press to move funds.
Teenagers are frequently targeted on Telegram and Discord by 'influencers' promoting new, low-value crypto tokens. The goal is to get enough people to buy in so the price spikes, allowing the creator to sell everything and 'pull the rug' out from the investors.
SAFETY PROTOCOLS
1. No Direct Messages: Official project admins will never message you first. Anyone who DMs you with an 'exclusive opportunity' is a scammer.
2. The Yield Test: If a project promises a 10 percent return per day, it is mathematically impossible and is likely a Ponzi scheme.
3. Cold Wallets: If you own significant digital assets, never keep them on an exchange. Use a physical 'Cold Wallet' that requires a manual button press to move funds.