I’m stalking a scammer and have watched them create and rugpull five projects in 24 hours.

E-currency exchange

I have been known to dip into the degen pool from time to time. I know the dangers. I'm aware of rugs and scams. But it's fun and can really, really pay off. But more than likely you are left with a pile of shit in your wallet.

But I've encountered something here that has me quite interested in what is happening on the blockchain itself.

This story starts with a random gamble on a brand new contract I saw on Dextools. I was bored so I swapped a tad with my junk wallet for a token called LIME just for funsies. I primed up to swap back at the slightest gain, approving to swap Lime back to eth. I waited several moments and wouldn't you know it, I had a slight gain. I was about to hit swap when the prompt changed to Approve Lime. Weird, I thought. I approved it just a moment ago. Well, I approve it again and wouldn't you know it: Not sufficient liquidity. Rugged. The creator's wallet had a cool 27 ETH sent to a new wallet.

Perturbed but not surprised, I follow the money to see where it goes. I was a bit hot at this point, so I did what any illogically upset crypto bro would do: buy what this scammer just bought. Scammer had swapped for a token called NUT (lol). So of course I swap some spare change for NUT. At this point my anger had subsided so I looked into what shitcoin I had just bought.

NUT had been created just minutes prior. I opened up the creator's wallet in a fresh tab and looked at the transaction history and noticed an initial deposit of 27 ETH. That's right. Didn't take long to notice I had a few Brave tabs open of the same wallet address. The LIME creator had just created NUT. Knowing full well that my nice and shiny NUT purchase was soon to be rugged, I went to swap back for ETH. And wouldn't you know it, it asks me to approve twice.

At this point I get legitimately worried about the security of my wallet, so I revoke almost every allowance I had on there. Here's where I'm curious, and need an ETH expert to answer it:

https://preview.redd.it/og8jh77agh0b1.jpg?width=1691&format=pjpg&auto=webp&v=enabled&s=ce70e38f8e057477eecb1247a3cfd961f89e79bb

I noticed that when I approved LIME and NUT the second time, it triggered a multicall transaction, visible in the screenshot. Approving it the second time never charged ME, it charged the scammer. We're talking like 9 bucks a pop when people trade it. What exactly is happening here? My ETH knowledge is kind of maxed out at this point.

In the meantime, I went back and followed the footsteps of this scammer. Before they created LIME, they made CAP. Before that, PEPPA. Before that, RIHANNA. Creation to rugging took less than two hours for each token. Their initial funds came from Bybit, and exchange not legal in the USA.

https://preview.redd.it/tj5d3znhgh0b1.jpg?width=1681&format=pjpg&auto=webp&v=enabled&s=59c042e8b63f7e2505699980907aa61037ba3f75

So, this shithead started just yesterday with 24 ETH, and now has 27 ETH locked into NUT. Not bad, but seems like a ton of work. FYI NUT has yet to rug. I'm still watching. Debating contacting Bybit.

EDIT: I'm going to contact Bybit and see what happens. I'll update with more edits.

EDIT: NUT HAS JUST RUGGED. Scammer siphoned off 4 ETH to a wallet that is a few hours old. 23 ETH sent to a new address that just created LEY.

EDIT: LEY has just rugged, 4 ETH sent to a new wallet which in turn split it up further into multiple wallets. 23 ETH sent to new wallet used to create PIKACHU

EDIT: PIKACHU just rugged. Funds sent to new wallet, created new shitcoin QWERTY. Emailed Bybit, made a post on their subreddit as well. Stay tuned.

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50 thoughts on “I’m stalking a scammer and have watched them create and rugpull five projects in 24 hours.”

  1. 3 ETH in one day… Scammers remain the biggest winners in Crypto. What am I still doing here?

  2. this makes me look at things from a different perspective, better than I have been LOL. thanks for sharing!!

  3. his gf is saving NUT pretty hard from being rugpulled by screaming “don’t nut yet papi”.

  4. It’s scary just how simple it is to get a lot of money by scamming people with crypto.

  5. Surely the SEC or some other regulatory body will come for them. I don’t know why people risk this type of behaviour

  6. The most unbelievable part for me is the fact that NUT wasn’t already made until this guy.

  7. Can anyone explain like I am 5? I have a hard enough time trying to figure out ETH gas. What does ETH have to do with other coins?

  8. Now I believe the saying that “it takes seconds to make a shitcoin”. People should be mindful of the shitcoins they buy and stop giving out their money to those scam creators.

  9. Yeah sadly I am not surprised. Since people will ape into anything these days people will cater to that

  10. Shits crazy these people just making thousands like that just create rug create rug

  11. I want to know how they wash this money. Do they avoid tax too?
    This is not legal.
    Maybe they live in some shit hole where no one cares though?

  12. All the degens rushing to check blockchain transactions of these coins to find the next rug 😂

  13. From GitHub:

    > Multicall allows multiple smart contract constant function calls to be grouped into a single call and the results aggregated into a single result.

    Looks like the scammer is locking all the scam approvals into a single contract, which would speed up the rugpull to a one click removal.

    Anyone smarter chime in to correct me if I’m wrong.

  14. Transparent Blockchains are hilarious.

    To think most people think transparent chains are the future….

    Kinda…..

    Something.

  15. What’s their secret? Where do they find so many idiots throwing away money? Throw money at me! I will produce the same result of you not having money!

  16. This shit is why regulation is needed

    It would prevent people from creating unregistered securities out of thin air or at least fine exchanges that allow rug pull scam coin projects to be traded

    These “tokens” all undermine the the credibility of legitimate blockchain technology

  17. I appreciate the heads up on all these. I strike myself as someone who would buy into NUT if I didn’t read this

  18. Scammers like this not only tarnish the reputation of cryptocurrency but also impede its adoption. As a community, We should take strong and decisive action to expose these scammers, as it is crucial for the advancement of crypto adoption.

  19. At this point, if you’re buying anything not in the top 10, expect to lose money.

  20. How do you invest in fresh shitcoins and not have something automated to check the contract for fishy stuff? If the contract isn’t locked / renounced so the dev can’t update the code with some rug or honeypot, you need a good reason to put $$ in.

  21. Man I wish I was smart enough to do that shit lmao. (Or had the time.)

    Frankly it’s a respectable grift, if you’re willing to spend your money in such a foolish manner, that’s on you.

  22. Wow!

    One question: how is he rugging so often? Who buys these coins immediately after launch?

    I always thought marketing the coin was the hardest part – unless he’s someone with following, how did he get people to buy them?

  23. Hey, thanks for the insight into this situation. Why are people putting money into these projects? Are they marketing it in social media or something? Or merely just bots picking up these new coins for trading?

  24. Dude doesn’t even create fake volume by buying and selling to himself while blacklisting all wallets that bought, that’s why he gets only about 1/10 per ragpull compared to rug puller i found a while ago

  25. Didnt realize rugs happen in less than 2 hours .. i mean how many people can they actually reach if every 2-4hours there’s a rugpull and a new coin spawned ?

  26. This is why you need to stop investing in new coins.without verifying them completely

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