Crypto Bros Bought $29k of Coin Even After Creator Promised to Scam Them

If you’ve spent any time in the crypto space, you’re probably familiar with the concept of a “rug pull.” This is where someone launches a coin, hypes it up — then, when the price is at a perceived peak, sells off all their coins, netting them a big payday while leaving all of the other people with the coin holding the bag.

The possibility of a rug pull, along with the numerous other issues, is one of the reasons why most financial advisors would suggest that you don’t dump your life savings into HarryPotterObamaSonicInu.

However, what if there was a cryptocurrency that *promised* to be a rug pull? One where the creator of the cryptocurrency explicitly told people not to buy it, because it’s a scam?

Well, now we know — crypto bros will still give the dude almost $30,000.

The cryptocurrency, called $THEPLAN, advertises itself as “the world’s first memecoin pre-announced as a rugpull.” The website states, “Unlike many projects in crypto, which refuse to offer financial advice, we can confidently give this financial advice: do not buy this coin, as it will go to zero.”

However, as Molly White noted for Web3 Is Going Just Great, people didn’t heed this advice. Instead, they poured money into the project. “People sent the creator over 8.8 ETH (almost $29,000) for the project’s ‘pre-sale,’ even as they repeated on Twitter that the project was a scam and that no one should buy it,” writes White.

The creator seems equally perplexed by this, repeatedly questioning why people are still sending money to something that is, without question, a scam. I’m sure he doesn’t mind the payday but, like, c’mon, people!

Then again, the creator is also now posting about being hacked, which I choose to believe because who would lie about being conned out of their own scam?

Crypto isn’t the worst thing in the world, but if you’re going to invest, it’s probably smart to avoid memecoins — especially if they tell you that they’re going to rip you off. Then again, if you needed this advice, you shouldn’t be investing in the first place.