Leicester On "Pied Piper" Scams; And We Took A Look At The New Luffy Token (MUCH IMPROVED!)

A "Pied Piper" Scam, put simply:

1. A #crypto developer builds a project knowing that they want to scam investors, either with a blatant #honeypot or a #rugpull, likely a rugpull.

2. The developer puts the project up either for presale or full sale and immediately seeks out "influencers" with the intent of having them shill the project to their followers.

3. The influencer will either blatantly shill the project (Adam Shelton, apparently, is notorious for this) do coverage in good faith, or in some cases, tries to give fair coverage but is criticized by the dev, which should be a red flag (@The Sandstorm had this happen to him).

4. At some point the developer will either rug the project directly from the liquidity or sell major bags to tank the project and disappear.

There are two levels of "Pied Piper":

- The scam dev(s), who lure the influencers; and
- The influencers, who may lure their followers and others.

Consider that in a situation where the project is not profit oriented (i.e. Anji), very little actual #shill takes place, thus there is less risk of an investor getting scammed. However, those projects tend to not be successful in the short term as a result of the lack of exposure.