Blurred Vision As Blur Finance Users Get Rugged

Another day, in shitcoin land another apparent rug pull that was totally planned. In today's issue of YIYL (You Invest You Lose) what I will be calling my series of posts from now on we talk blur finance, what a name lol and people clearly had blurred vision if they didn't see this one coming.

The developers behind Blur Finance, a yield aggregator DeFi protocols claimed that it had strategies to maximize user profits, and all you had to do was buy their shitcoin and it would look for on-chain opportunities to find profits and then bring that back to LP holders.

Sadly the only ones who seemed to have profited was the people who printed unregulated security and shilled it for BNB and MATIC and once they reached their goal it was time to cut the scam short.

This week users woke up to the dreaded rug pull after logging on to Twitter and finding that the project owners had suddenly abandoned the project and deleted its social media channels.

As a result of the shut down and rug pull the treasury was liquidated and more $600,000 worth of tokens vanished in the process, security firm PeckShield said on Wednesday.

https://twitter.com/PeckShieldAlert/status/1557259094058102785

Blur ran on the BNB Chain and Polygon networks and claimed to be a cross chain DEFI system, where have I heard that bullshit before? Lol wink wink.

Blur had over 754 holders on BNB Chain, according to BSC Scan, and the project recently integrated with Polygon and provided annualized yields of some 4,000% as of last week.

The contract was created on July 7. The project’s BLR token fell 99% following the rug pull, trading at $.00064 at writing time a long fall from the price peak of 6 cents last week.

The protocol's website now returning an invalid certificate, and a link to its Discord channel results in an "invite invalid" message.

A textbook rug pull

All this is is a textbook rug pull, a scam carried out by developers who launch a working smart contract claiming to be a finance application and carry out social media marketing to popularize it before issuing a token and listing it on a decentralized exchange (DEX).

As you sell your ICO or IDO whatever you want to call it you get those investors to shill it to friends for bonuses or for the "community". After investors have purchased the tokens in the hopes of a positive return, the developers shut up shop and disappear.

It really is the most effective way to make money since you never have to deliver, you only have to make promises.

You are the Liquidity

The liquidity that investors provide can run into millions of dollars as I've covered several times in my posts. I cant document them all but according to a Chainalysis report an estimated $2.8 billion was losti in 2021 rug pulls alone.

Follow the carnage

I can't believe fly-by-night projects like this still get listed on these aggregator sites which lend legitimacy to these shitcoins and people think that this is some kind of authority because they are morons.

You can check how the token traded prior to and post rug pull and along with a few thousand dollars, it took with a few bag holders dreams.

Just another rug pull to add to the growing list makes me wonder if people will ever wake up or if are we doomed to jump from failed project to scam and back until we run out of people with more money than a functioning brain cell.

• Coin market cap
• Coin Gecko

Sources:

• coindesk.com

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