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Updated: May 19, 2022 @ 1:36 am
FILE – This April 3, 2013, file photo shows bitcoin tokens in Sandy, Utah. The Cuban government said Thursday, August 26, 2021, that it will start recognizing cryptocurrencies like Bitcoin as payment. With investors eager to get in early on new cryptocurrency projects, some unscrupulous developers have attracted investments, then walked away before building what they promised — leaving their supporters with worthless holdings. The rug pull, which gets its name from the expression “pulling the rug out,” is part of a long history of investment schemes. But cryptocurrencies have particular risks due to loose regulations for fundraising. (AP Photo/Rick Bowmer, File)
A new type of scam has emerged in the hype-filled world of cryptocurrency: the “rug pull.”
The scam, which gets its name from the expression “pulling the rug out,” involves a developer attracting investors to a new cryptocurrency project, then pulling out before the project is built, leaving investors with a worthless currency. It’s part of a long history of investment schemes.
“This isn’t a crypto-only phenomenon. This is a people phenomenon. Crypto is just the latest way to do it,” says Adam Blumberg, a Houston-based certified financial planner who specializes in digital assets. But cryptocurrencies have particular risks due to loose regulations for fundraising and their emphasis on decentralization.
Cryptocurrency projects often use “smart contracts,” agreements that are governed by computer software, not the legal system. This setup can be a benefit when it reduces transaction costs, but it also leaves little recourse if things don’t work out.
Rug pulls have been particularly common in decentralized finance, or DeFi, projects that aim to disrupt services such as banking and insurance. NFTs, or non-fungible tokens, that provide digital ownership of art and other content, have also been involved in rug pulls.
Investors can protect themselves by choosing established cryptocurrency projects, making sure the code of any new project has been reviewed and verifying the developers’ identities.
Rug pulls are most common with new projects that haven’t gotten the same scrutiny as more established cryptocurrencies.
Bitcoin has its risks, but countless people worldwide have used it and reviewed its inner workings, which are readily available online.
Newer projects don’t have such a track record, which means there may be vulnerabilities that make it possible for their organizers to siphon value away from investors and keep it for themselves.
If you’re struggling to break through the hype, one way to find established projects is to look at centralized exchanges such as Binance, Coinbase and FTX. While the presence of a cryptocurrency on a large exchange is by no means a guarantee of its quality or investment potential, these businesses often will review assets before listing them for sale.
FILE – This April 3, 2013, file photo shows bitcoin tokens in Sandy, Utah. The Cuban government said Thursday, August 26, 2021, that it will start recognizing cryptocurrencies like Bitcoin as payment. With investors eager to get in early on new cryptocurrency projects, some unscrupulous developers have attracted investments, then walked away before building what they promised — leaving their supporters with worthless holdings. The rug pull, which gets its name from the expression “pulling the rug out,” is part of a long history of investment schemes. But cryptocurrencies have particular risks due to loose regulations for fundraising. (AP Photo/Rick Bowmer, File)
The trade-off of investing primarily in more established assets: While cryptocurrency, in general, has seen periods of rapid price appreciation, the highest rewards may come from new projects where the risk is also higher. These are often listed on “decentralized exchanges,” which don’t rely on any centralized authority that would prevent unproven projects from joining.
Rex Hygate, founder of DeFiSafety, a company that reviews projects in the field, says scammers can prey on the fear of missing out that’s generated by rare but true stories of mind-blowing returns.
“It is seductive. People have made a lot of money. That is a fact,” Hygate says. “The hope is real, albeit small, (and) therefore criminal organizations in an organized and regular manner are making these rug pulls.”
The fate of any investment in cryptocurrency or blockchain projects rests on the integrity of the project’s computer code. You may not be a computer programmer, but you should at least understand how a product works before investing in it.
One way to evaluate a potential investment without going under the hood yourself is to see if it’s been audited by a professional organization that is respected in the industry. Projects that have gotten good marks from auditors will often promote the results themselves.
Some of the biggest red flags in the cryptocurrency world come down to human factors.
While it’s not unheard of for people to use pseudonyms in cryptocurrency, reputable developers often have websites and references that can establish their credentials.
But even if you do your homework, there’s no guarantee of success. For example, the founder of Rugdoc.io, a service that reviews new projects, says she wound up getting scammed herself on an NFT that was supposed to be a ticket for an event.
Diversification is as important in cryptocurrency as anywhere else in finance. Projects can fail due to technical glitches or business blunders, even without malicious intent.
“Assume whatever you’re investing in is going to have a problem,” says Leah, the Rugdoc.io founder, who asked that her full name not be used to protect her identity from scammers seeking retribution. “If you plan for failure, if it doesn’t fail you’re going to have a very good day. And if it fails, you’re probably not going to be ruined.”
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Upon paying off between $12,000 and $15,000 in credit card debt in 2019, Yamiesha Bell, a special education teacher in New York, didn’t break up with her credit cards.
With goals to buy a car and a house, Bell hoped to preserve her credit history by keeping her cards open and active.
“I needed to sustain my credit in order to get the interest rates I wanted in the future,” she says.
While credit cards aren’t ideal for everyone, they can aid your credit journey if used responsibly. When reconciling with credit cards, you need a personalized stay-out-of-debt plan. Here are a few strategies to consider.
Maybe you ditched debt, but history can repeat if you don’t unpack the motivations that contributed to it. A get-out-of-debt plan that works in the short term may not be sustainable over the long term if it doesn’t align with your priorities, according to Julia Kramer, a financial behavior and leadership consultant at Signature Financial Planning in Pennsylvania.
Kramer suggests tracking transactions dating back a week or more. Add a plus sign next to those purchases you’re willing to repeat and a minus sign next to those you’re not. For obligatory purchases like gas and groceries, add an equal sign.
Note the date, the item purchased, the amount and the need the purchase met. Those frequent lattes or meals out with friends may be more about the personal connection experienced, or something else, as opposed to the gratification provided by the item, according to Kramer.
This information is key to identifying areas in your budget that are negotiable. For example, you may be more willing to choose budget-friendly food in order to keep a facial that meets an internal need for self-care and connection, Kramer says.
If your spending strays upon experiencing feelings like anxiousness or boredom, make a plan for those occasions. It might mean budgeting extra money or employing tricks like using a credit card lock feature to prevent spending.
If you want to reel in spending on categories like dining out or entertainment, for example, set aside physical cash to stay within budget. Money in hand can lead to more mindful spending, according to Kramer.
Create a tracking system that works for you. Setting up spending alerts on a credit card account can notify you if purchases exceed a certain amount. Tracking spending with a spreadsheet, bullet journal or budgeting app, for instance, can also help with mental accounting.
“I would not open up credit cards if you do not have a system in place where you track spending every month,” Kramer says. “It has to be something that appeals to you that you know you’re going to do.”
For Bell, a cash envelope tracking system helps her manage spending in different categories, including her credit card bill payment.
“When you look in a cash envelope and you see you only have $50, it’s very clear that once that money runs out there’s nothing else I can do,” she says.
Ease your way back into credit cards with small planned purchases, like a subscription service payment.
After paying off debt, Bell only uses credit cards for in-budget purchases, and she pays them off in full each month to avoid interest charges. Initially, she left her credit card at home to avoid relying on it.
An emergency fund of even $500 for a car or home repair may keep debt off of your credit cards. Start small and aim, eventually, to cast a wider safety net over time — ideally, three to six months of living expenses stowed in a high-yield savings account.
If you previously got used to budgeting a certain amount each month to pay creditors, keep that momentum going, but direct funds toward savings instead.
Convenient payment options can sometimes lead to mindless spending. By entering payment information into forms for every online purchase, you’ll have more time to think through a purchase.
A nonjudgmental partner or trusted loved one can offer input on a purchase or a stay-out-of-debt plan. An accountability partner can be a sounding board that lets you listen out loud to your own justifications for financial decisions.
As motivations and priorities change, your stay-out-of-debt plan should follow. Continue revisiting credit card statements to identify the needs that are being met by purchases and which are most important.
If in this process you continue having frequent run-ins with debt, consider closing credit card accounts even if it can negatively impact credit scores.
“A big thing about this is knowing yourself and knowing what your challenge areas are and finding ways that work around them,” Bell says. “Five years from now it might look different, but for right now that’s what works.”
If you know of local business openings or closings, please notify us here.
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· Rene and Grisellies Benique have opened Ezekiel 47 Cafe at 10 S. Fifth Ave., off Fifth and Penn avenues, in West Reading.
· Alter Ego Salon and Day Spa in Emmaus is holding a grand opening Sunday, May 22, from 11 a.m. to 3 p.m., with a ribbon cutting at noon.
· Origen Latin Fusion has opened at the site of the former Tomcat Cafe in Sinking Spring, Berks County.
· Sellersville Senior Residences will hold a ribbon-cutting ceremony May 24. The Bucks County affordable-housing community for adults 55 and older has 50 apartments, with eight allocated for people with behavioral health needs.
· The House and Barn in Emmaus has opened its Shed outdoor dining and cigar bar area. The House and Barn is at 1449 Chestnut St. in Emmaus.
· La Spa & Nail Bar will hold a grand opening from 11 a.m. to closing on Friday, May 20, with a ribbon cutting at 11 a.m. The 2765 Papermill Road, Wyomissing.
· Realtor Amanda Vachris and the Schuylkill Chamber of Commerce will hold a ribbon cutting at Vachris’s new Keller Williams Real Estate office at 15 St. John St., Schuylkill Haven, at 4 p.m. on May 24.
· Il Gaetano Ristorante will hold a grand opening on Friday, May 20, at 5:30 p.m. The 665 Columbus Ave., Phillipsburg.
· First Commonwealth Federal Credit Union will hold a grand opening at its new headquarters in Trexlertown, 6126 Hamilton Blvd., on May 18.
· Vinyl Press Signs & Graphics has relocated within Emmaus. The new site is 15 S. Second St., not far from the former Sixth Street location.
· Pedro’s Cafe in Emmaus to close
· SV Sports (formerly Schuylkill Valley Sports) to close Quakertown location
· Flemington DIY will host a Grand Re-Opening on May 14 at 26 Stangl Road, Flemington. The celebration will kick off at 10 a.m.
· Elpedio’s Ristorante at Seipsville opened at 2912 Old Nazareth Road in Easton. The restaurant is open Wednesday through Sunday.
· Uai Brazil opened at 315 Lehigh Ave, Palmerton, offering both a seated or buffet option.
· Colombian Mex Restaurant opened at 107 E Union Blvd in Bethlehem, offering traditional Colombian cuisine.
· Precision Ink opened at 161 W Berwick St. in Easton.
· King Wing opened a location in Bethlehem at 129 E. Third St., serving wings and sandwiches.
· Molinari’s at 322 E 3rd St. in Bethlehem is re-opening, offering ticketed seating with an Italian menu offering.
· The SHED is open at The HOUSE and BARN at 1449 Chestnut St. in Emmaus, serving drinks and cigars.
· Tony’s Pizza & Restaurant opened a new location at 3417 Sullivan Trail in Easton.
· Big Papa’s Restaurant & Catering opened at 1236 Northampton St, Easton. Dale Koehler & Sons Farm will supply the restaurant with meat and eggs.
· Route 61 Hardware has its ribbon cutting at 635 Fountain St. in Ashland at noon on June 24.
· The Shenandoah Pharmacy will hold a ribbon cutting at noon, June 1, at its 33 N. Main St., Shenandoah, location.
· The Canalside Cup on Route 611 in Williams Township opens for the season May 13
· The Curious Plantaholic Nazareth has expanded into New Jersey with a second store at 20 Main St. in historic Clinton, Hunterdon County. the original store is on Belvidere Street in Nazareth.
· Childcare With A Purpose and Lehigh Valley Martial Arts are both coming to the shopping center on Easton Avenue in Bethlehem later this year.
· Within Harmony wellness center has its grand opening May 18 and 5 p.m. The center, which will provide services such as reiki and crystal energy sessions, is located at at 182 S. First St. in Lehighton
· Time 2 Talk Therapy Services will hold an open house June 1 at 521 Bridge St. in Lehighton
· Alter Ego Salon & Day Spa to hold grand opening on May 22 at 500 Broad Street in Emmaus
· Sephora at Kohl’s to open at Whitehall Kohl’s
· Juliette Bridals by Ivana has relocated to 161 Glenworth Rd., Pottsville and is having a “relocation celebration” on May 19 at noon.
· Iqor has opened a new 30,000 square-foot call center in Allentown
· Life Advance Fitness at 436 State Ave. in Emmaus opens on May 11
· Grocery Outlet Bargain Market is open at 561 S. Broad Street in Lansdale, in the former Super Foodtown location.
· The Caribbean Grill will hold its grand opening on May 10, 5:30-7:30 p.m. at 1800 Sullivan Trail in Forks Township.
· A new mafia-themed bar named Capo & Co. Keg and Cork Kitchen is hiring staff in Emmaus. The restaurant is at 1375 Chestnut St. and will feature a self-tap wine bar.
· Terrain on the Parkway, at 1625 Lehigh Parkway East in Allentown is open and renting apartments ranging from studio to three-bedroom size.
· Sports and Social opened April 28 in Allentown. The sports bar and restaurant at 645 Hamilton St. is part of a national chain.
· McCall Collective Brewing plans a May opening for its second location at 7743 Hamilton Blvd. in the Breinigsville section of Upper Macungie Township. The original brewpub is in Allentown.
· Project Paw cat cafe and thrift shop opened April 30 at 452 Northampton St., Easton. The cats in the cafe will be available for adoption. The business supports The Center for Animal Health & Welfare in Williams Township.
· McDonald’s of Coopersburg is open at 6690 Short Drive, Upper Saucon Township, just off Route 309
· Oley Valley Inn in Oley Township is coming back as The Riedenau House, a farm-to-table restaurant. It will serve a German menu.
· Margaritaville resort, a Jimmy Buffett-inspired resort is coming to Monroe County. Construction in Tobyhanna and Pocono townships may begin next year, with an opening in 2024 at the site of the old Pocono Manor.
· La Dolce Casa, at 16 W. Broad St. on Tamaqua’s main thoroughfare, has added La Dolce Casa Bakery and Italian Market just three doors away at 32 W. Broad St. in the former Bittner’s General Store.
· Rutter’s opens 3rd location in Berks at Route 222 and Long Lane in Maxatawny Township, north of Kutztown.
· Berks Nature opened The Rookery. The Rookery is in Angelica Creek Park, on top of the existing Nature Place structure.
· New Santiago’s Restaurant at 125 S. Third St. in Coopersburg has reopened after about a year off.
· Obsidian Tattoo & Piercing Parlor of Bethlehem has expanded to Emmaus. The 173 Main St. location is open now.
· Ocean State Job Lot, a Rhode Island-based discount store, will open at the former site of the Kmart at Shillington Plaza in Cumru Township.
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