Fast Cash with Tokens

Alienarts said:

i wonder how people buy those tokens withought know anything about it?

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Machairodont said:

I'm investigating the ETH blockchain a bit, and found a good example how some scammers rip off other people:

Token: PYTHON
Token address: 0x3553494D9445eC07237099fB2a1Adb4cb8Db4015

Created one hour ago, transactions of the creator:
He funded his new ETH account with 2.992 ETH from Binance.
View attachment 194692

He created and funded the token with 2 ETH, then waited until some folks put cash in:

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One hour later, he pulled liquidity out:

View attachment 194694

And ended up with a nice profit:
View attachment 194695


The last guy who bought this Token was a very unlucky one:
View attachment 194697

Invested 0.1 ETH and got 0.00000056 tokens for it...

Be aware of this kind of rip-offs ! Don't fall into these traps...

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SonOfBhw said:

That's why before you invest in any token

- Check if the project has a proper transparent team. If not - red flag
- read their whitepaper and look at their roadmap to understand the project better. - If they don't have one or look shady- red flag


.

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MisterF said:

99.99% of the buyers, the rest were shills probably.

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getseoonline said:

Man most of the projects look similar with the same intent, what to do then

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Machairodont said:

The only thing to make sure its legit is to analyze the contract.

Here is a good example that shows the basics how to do it:

https://twitter.com/x/status/1338182571558055937

But it's only the basics. Things can get quite complicated.
For example a token contract can be only a proxy to the underlaying logic contract,
and this logic contract can be replaced at a later stage by swapping the used underlaying logic contract address in the proxy contract.

View attachment 194886

https://santexgroup.com/blog/is-it-possible-to-upgrade-a-smart-contract-once-deployed/
And even if there is no proxy contract in place, and the token contract seems to be perfectly fine,
keep in mind that normaly the dev of a token gets payed out a huge sum of tokens at the creation state.
And he has full control over these tokens and can dump them anytime.

So to summarize:
You can never be 100% sure if it's not your contract/token.
You can get some security by analyzing the contract.
But you must fully trust the dev/team behind the token to play fair.

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