Crypto thefts, scams, and pump and dump schemes have seen a great rise along with cryptocurrency adoption in 2021. Recently, a project that promised to “democratize” and introduced itself to make real estate available for everyone, pulled thousands of dollars in a matter of hours.
Realux Estate’s whitepaper claimed to “resolve, once and for all, the wealth gap by removing all barriers, costs, middlemen, social background, and other limitations,” and make “real estate open to everyone, at a very low cost 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) token. The price started at $0.0011 and quickly rose to $0.0026 on Jan 26 at 18:30 and just two hours later, the token’s price was pulled to $0.000329.
Blockchain records on Etherscan show that the token creator sold 70.32 million RLX tokens for around $24,000. One of the first to notice the scam was a Twitter user named @zachxbt with 133.4k followers, who shared some screenshots of the project and noted, “YOU WILL BE A MILLIONAIRE.”
Another Twitter influencer with around 60,000 followers, @AltcoinSara, was paid $350 for promoting Realux and told Vice that she regretted promoting an unknown project which just 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 also makes me look like I rugged – and I’ve never ever done this.”
Furthermore, the social media accounts and the official website of Realux token are down since the rug pull.
The Ponzi Scheme!
Pump and dump schemes also known as rug pulls have caused a lot of damage to the ecosystem. The $YEAR token scam was reported to reward users based on their transactions in 2021 by connecting to their Metamask wallets.
Another non-fungible token (NFT) scam called the “Evolved Apes NFTs” stole $2.7 million in October last year. Moreover, AnubisDAO was one of the largest rug-pulls that stole around $60 million while people thought they found the next Dogecoin.
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