Crypto Rug Pull Earnings: Trader Claims $60 Million Profit

A trader who has been called the king of rug pulls has set a new record in the space, his $60 million haul from one operation pushing earnings into uncharted territory. The confession serves as an illustration of how bold and large these crypto schemes have become.

King of Rug Pulls Reveals Massive Profits

In a recent Pro Blockchain Media Live broadcast, the self-styled king of rug pulls left the audience in no doubt of his success when he explained how he made $60 million from a single rug pull. By his account, it was done in a single transaction, far above what is usually taken in this line of work. He was open about his history, saying he has carried out over 100 such operations by pulling liquidity from a project and then issuing new tokens to do it all over again.

Building Hype and Dodging Detection

Part of the method, he admitted, is to shill or otherwise build up hype around a new token to attract investors and make for a bigger payout at the time of the rug pull. Another guest on the show described a different tactic: dividing up funds and moving them from wallet to wallet in order to stay ahead of blockchain analytics.

Expert Reactions and Industry Context

Not everyone in the community was surprised. An expert on the program pointed out that rug pull profits are not usually of this magnitude; the norm is a few hundred thousand rather than tens of millions. For his part, the trader compared rug pulls to dealing drugs, only more so in terms of risk and reward, a view that highlights the difficulty regulators have in stopping the fraud.