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Crypto Experts Warn of Meme Coin Scams as XIRTAM Rug Pulls

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In the latest crypto news, experts are warning investors to be cautious of meme coin scams as the popularity of non-fungible tokens (NFTs) continues to rise. The warning comes after the recent rug pull of XIRTAM, an educational project that raised 2,000 ETH and was previously funded by CultDAO. The project’s funds were frozen by Binance, and investors were left empty-handed.

PEPE FOMO Drives Meme Coin Scams

According to CBO Michael from TP Wallet, some people are taking advantage of the FOMO (fear of missing out) around PEPE, a popular NFT, and are issuing many meme coins on Arbitrum. Most of these coins are emoji tokens, and while the token contracts may seem clean, many of these projects are withdrawing the pool or collecting a large number of tokens before dumping them.

Experts warn that investors need to be cautious of these projects and conduct thorough research before investing in any meme coins. They suggest looking into the team behind the project, the tokenomics, and the project’s roadmap. Investors should also be wary of projects that promise high returns in a short period, as these are often too good to be true.

XIRTAM Rug Pull Raises Concerns

The recent XIRTAM rug pull has raised concerns among investors and crypto experts. The project was touted as an educational platform for teaching blockchain development but turned out to be a scam. The project raised 2,000 ETH in a recent funding round and was listed on AscendEX exchange for spot trading.

However, the project’s funds were frozen by Binance, and investors were left empty-handed. This incident highlights the need for investors to be cautious when investing in new projects and to conduct thorough research before committing any funds.

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