Following the news that Mark Cuban was “duped” in a decentralized finance scam, stakeholders in the DeFi market have become warier of ‘rug pull’ rip-offs. Developers ditch their tokens and vanish with the proceeds.
The term “soft carpet” has been floated to describe the practice in which designers hightail it with community members’ holding, effectively tanking the cost to no and putting an end to the project.
If Cuban could be taken in, a person who once said that crypto is “safe, unless you are dumb” indicates that even those who think they are smart enough and comprehend the market could be wrong.
The fact that we become aware of soft carpets today is indicative of how well-known such frauds have ended up being.
At first, soft carpets were straightforward, with designers riding the crest of crypto appeal and not putting in too much effort.
Now though, ill-meaning developers have become more insidious, putting in the time to develop trust and motivate confidence.
One recent example is Titan, the job that took Cuban by surprise. As a task by the name of Polywhale, he is not alone, stating it would be closing down on June 20. A few days later, neighborhood members found that their tokens were gone.
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