The Story of RUGPULL Prevention
Exclusive to the Avalanche Network https://www.avax.network/
Twitter : https://twitter.com/AvaxDyor
Telegram : https://t.me/AvaxRugpull
Token Contract address: 0x61ecd63e42c27415696e10864d70ecea4aa11289
Token Trading on Pangolin as RUGPULL: https://info.pangolin.exchange/#/token/0x61ecd63e42c27415696e10864d70ecea4aa11289
Wow! Honestly, I do not know where to begin, but here goes.
I’m just a dude. A dude that has been rugged multiple times in the past year. What does it mean to be rugged? Well, basically, that’s where you invest in a coin only to have your money stolen from you. Was it my own fault? Probably. Could I have prevented it? Most likely. Getting rugpulled can be absolutely devastating. I was fuming and trying to deal with it for months.
Fast Forward to Saturday, May 15, 2021.
I am just being myself, trading on Pangolin when BAM, a new coin pops up. I thought to myself, “This time I’m really going to make it!” And then it rugged; all liquidity was removed. “Hold on a second,” I thought, “there hasn’t been any rugpulls on Pangolin, what is going on?” I got rugged again later that night. I’m not proud to say it, but it’s the truth. I didn’t do my own research. I made mistakes. But these mistakes led me to where I am today.
How Did RUGPULL Get Started?
Someone else created the RUGPULL contract; it wasn’t me. I know who it is, and I’ll refer to him as Oscar. Oscar told me that he created the contract as a joke, because there were so many rugpulls throughout the day.
I saw the name RUGPULL and had an idea. “Is it possible to make this RUGPULL contract into a project that can actually fight the rugpulls?” I looked through as much of the contract as I could and I decided to buy up as much of the supply as possible and add to liquidity. I managed to buy about 60% of the entire supply when the market cap was only an estimated $50, added it all to liquidity, and then began buying more and more, and repeating the process. Yes, I know that you’re thinking I must be crazy, as who is stupid enough to do this? Well, apparently I am.
After adding all of this liquidity, the price started to explode. People were buying a coin that had no community, no socials, and no verified contract (a contract that is now public and verified). I decided that I was going to buy more and burn as much liquidity as I could. Why? Well, I really don’t have an answer for that. All I knew is that I was pissed off at those who had scammed me and countless others and I knew something had to be done.
People Started to Take Notice
All of this was happening in real time. People were talking across the different Avalanche related telegram groups asking, “Hey everyone, what the heck is RUGPULL?”
I began to realize that this may actually be something that I could use to help the Avalanche community as whole. I could actually use RUGPULL to help stop rugpulls! So it began. I made a telegram group dedicated to RUGPULL. I told myself that I would do whatever I could to spread awareness about safely trading on the Avalanche network, knowing that I am still learning, just like many others.
So it Begins
The rugpulls did not stop that weekend. There were now multiple wallets and people creating rugpull contracts and stealing other people’s money. I had to do something. So I started to send simple alerts when I spotted a suspicious contract to our telegram group and forwarding them to other telegram groups with their permission. It was actually working. People were messaging me and telling me that they were so thankful for my alerts, that they were now a true believer in this project and wanted to invest in it for helping them. I was absolutely floored! I was now helping others just by sharing the information that I had gathered through my research.
I want to make one thing clear to everyone reading this: RUGPULL ALERT NOTIFICATIONS ARE NOT THE FINAL WORD. We do not give financial advice and we do not officially promote any other projects. Our notifications are just simply the relaying of our research. That is all. What you do with that information is up to you. We absolutely encourage every single person to always do their own research when thinking about a trade. We know that people are going to jump into new contracts on decentralized platforms and the information that we share is meant to be used as just a single tool in your toolbox of information.
An Army of Detectives
I truly believe that our community is already one of the best in the Avalanche network. We will be exclusive to the Avalanche network, and will remain that way for the foreseeable future. I am inspired by Avalabs and I want to do my part to help make Avalanche the #1 cryptocurrency in this entire space. Elon Musk is right; Bitcoin is bad for our environment. Bitcoin is old and slow, and Satoshi could come out of hiding at any moment to dump his stack.
Getting back to us, The Rugpull Prevention community is slowly becoming an army of detectives. When we see a new listing pop up, we get to work. We jump all over it like sharks in a frenzy, picking apart every bit of information we can find. Just by being a member of our community, you are going to stay informed.
I have had community members messaging me left and right, telling me that my alerts saved them from buying a scam. Then they tell me that they also want to learn and help others. I am extremely humbled by this. If this is what it feels like to help people, then I am all in.
Not only are we a cryptocurrency project, but we are also a movement for honesty in a turbulent landscape.
Is RUGPULL Actually a Rugpull?
The answer is unequivocally NO. We encourage every single person to self-audit us, as our contract is now verified and public. We have burned/locked so much liquidity that it is impossible for us to pull the liquidity. Here you can see the amount of liquidity that we have burned: https://info.pangolin.exchange/#/account/0x000000000000000000000000000000000000dead
Furthermore, between myself and a whale who has become a community hero, we have also locked up 80,000 RUGPULL, or 8% of the entire supply for 3 to 6 months. Our whale friend has locked up 5% of the supply for 3 months and I have locked up 3% for 6 months.
I have also locked up a very large amount of our liquidity, in addition to the burns. Please see our lockups here: https://team.finance/view-coin/0x61eCd63e42C27415696e10864d70ecEA4aA11289?name=RUGPULL&symbol=RUGPULL
Remember, I purchased at market value every single RUGPULL that I own; this was a fair and stealth launch. You can consider me to be a team member or developer, but this is a true community effort.
How will the locked funds and current funds that I own be used?
In the spirit of transparency, the locked funds will be used for funding the project and also paying myself. For those who do not know, I quit my job last week. I was tired of being away from my family with so much traveling and different sleeping schedules, and I could no longer cope with all of it, especially in the difficult world we live in today. I won’t be selling local bottoms and I won’t be dumping. Only small amounts will be sold during times that it will not affect the price. I am a modest man; I am a husband, a father, and a technology enthusiast.
This project needs funds if it is going to succeed, and to put it bluntly, I need funds to be able to dedicate all of my time to this project. I want this project to succeed, and if I dumped my supply it would tank the project, so I never will.
With that said, I am choosing to remain anonymous until I have all of my local legal matters related to this project taken care of. Honestly, I do not even know where to begin with this, but I will make everything legal and safe for myself and my family. Why should you trust someone who remains anonymous? If you aren’t convinced, I’m OK with that. I plan to make my actions speak louder than my words. If you do not feel comfortable investing in our community coin, that is fine. You’re still welcome to partake in the community and contribute to the exchange of information.
Please remember that there is no owner of RUGPULL, the coin. Rugpull Prevention will be a separate entity that uses the coin as a development tool.
What Does the Future Hold?
Your guess is as good as mine.
I can tell you what I already have planned based on my ideas, as well as ideas from several community members. None of this is set in stone.
1.) I plan to develop a free version and a subscription version of our alert bots. We will send alerts through an application of some sort, maybe even through the website, which is still in the planning stages as well (I was able to purchase a great .com domain that will be easy to remember). Do not forget, we are only 5 days old. The free alerts version will be delayed by a specific amount of time. Our subscription version will have no delays. You will pay for the subscription by using paying us with RUGPULL. Most likely, half of the fee will be burned.
2.) When I build the website, we will offer projects the opportunity to vet themselves. They will be required to burn some RUGPULL and also pay us in RUGPULL to show good faith (Idea Credit: MahersRocket Co-Pilot from Bill Maher Finance $BMF on Pangolin). We will then investigate their project and give them a score. If they receive a high enough score, then they will receive our “Stamp of Approval.” We will not accept direct payments for instant approvals. I value transparency and will not take bribes.
3.) We will offer paid (with RUGPULL) educational seminars in some way. Maybe it will be in a dedicated telegram, maybe through Zoom. We will train others on how to detect scams and what to look out for.
4.) We will create a free version (one-time short guide) and a subscribed version (maybe a weekly newsletter to the subscribers) of guides on how to keep yourself safe when trading and what to look for. Our subscribed newsletters / guides will have the most up-to-date projects, new scams, and the latest tips and tricks.
5.) Multiple strategic partnerships. Our partners will enjoy free Rugpull Preventions for their telegram communities. For now, our partnerships will be free to other communities that we partner with. Eventually, our partners will be asked to pay an upfront, one-time fee with RUGPULL, half of which will be burned.
6.) Auto-detection software. This will take time. I do not know if this is even possible, but this is what I would eventually like to offer and will be the ultimate product goal. I am thinking about some type of A.I. that can auto detect irregularities in code. It may detect shady action, transactions, multiple contract creations, and anything suspicious.
I know that I am forgetting an idea or two, but we know our destination and the heading we must take. This is the future of RUGPULL and Rugpull Prevention.
I am not the most skilled developer, but I make up for that in motivation; motivation that comes from a desire to help others. I truly believe that our community members know this. Every copycat project that enters the Avalanche network to compete with us will not be as genuine as we are. This scenario and project creation is so absolutely unique that I feel it cannot ever be copied. Will they have prettier graphics? Maybe. Will they have more hype and bigger names? Probably. Will they ever be able to become what we already are? Never.
In Conclusion
I just want to thank each and every one of you. Your actions have a rippling effect on others around you. Being a better human will help us all become better humans. I leave you all with a quote; a quote that we can all use and help us make decisions in the future.
“Respect is earned. Honesty is appreciated. Trust is gained. Loyalty is returned”
-Unknown
