Crypto thefts, scams, and pump and dump scenarios have seen a great rise aprotracted with cryptocurrency adoption in 2021. Recently, a project which promised to “democratize” and introduced itself to make real estate available for everyone, pulled thousands of dollars in a case of hours.

Realux Estate’s whitepaper claimed to “resolve, one time before and for all, the wealth gap by removing all barriers, values, middlemen, social background, and other limitations,” and make “real estate open to everyone, at a very low value in a very easy way.” 

How did it all start?

According to Vice, everything started with tweets, posts and videos from social media influencers who were paid to promote the Realux (RLX) cryptocurrency. The cost started at $0.0011 and quickly rose to $0.0026 on Jan 26 at 18:30 and hardly two hours subsequently, the cryptocurrency’s cost was pulled to $0.000329. 

Blockchain records on Etherscan show that the cryptocurrency creator sold 70.32 million RLX cryptocurrencies for around $24,000. One of the first to notice the scam was a Twitter user named @zachxbt with 133.4k foltumbles, who shared some screenshots of the project and noted, “YOU WILL BE A MILLIONAIRE.”

Another Twitter influencer with around 60,000 foltumbles, @AltcoinSara, was paid $350 for promoting Realux and told Vice that she regretted promoting an unknown project that hardly turned out to be a scam.

“I feel absolutely shitty about this whole thing,” @AltcoinSara noted. “I’d love to help get to the bottom as this rug has damaged not only investors but still makes me look like I rugged – and I’ve never ever done this.”

moreover, the social media accounts and the official website of Realux cryptocurrency are down afterward the rug pull. 

The Ponzi Scheme!

Pump and dump rundowns likewise known as rug pulls have achieved a lot of damage to the ecosystem. The $YEAR cryptocurrency scam was reported to reward users based on their transactions in 2021 by connecting to their Metamask wallets.
Another non-fungible cryptocurrency (NFT) scam called the “Evolved Apes NFTs” stole $2.7 million in October endure year. Moreatop, AnubisDAO was one of the largest rug-pulls which stole around $60 million at the same time people thought they found the next Dogecoin.

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