The State of New York may soon make a move to christen “Rug Pulls” in the digital currency ecosystem as an offence, which could come as a bill, dubbed ສະພາສູງ S8839 when it is passed into law.
The Bill was introduced by Senator Kevin Thomas and alongside an accompanying ໃບເກັບເງິນສະພາແຫ່ງ A8820 filed at the State’s Assembly by Clyde Vanel seeks to “create the crime of virtual token fraud,” and introduce appropriate penalties for the instituted crimes.
The evolution of cryptocurrencies has introduced a lot of non-traditional crimes of which rug pulls are now a prominent one associated with ການເງິນແບ່ງຂັ້ນຄຸ້ມຄອງ (DeFi) and Non-Fungible Tokens (NFTs). This kind of scam involves the main developers behind a project abandoning them before the promises made to their community are fulfilled at all.
Defining the Context of Rug Pulls
Per the text of the Bill sponsored by Senator Kevin,
“ການດຶງຜ້າປູທີ່ຜິດກົດໝາຍ:
1. A DEVELOPER, WHETHER NATURAL OR OTHERWISE, IS GUILTY OF ILLEGAL RUG PULLS WHEN SUCH DEVELOPER DEVELOPS A CLASS OF VIRTUAL TOKENS AND SELLS MORE THAN TEN PERCENT OF SUCH TOKENS WITHIN FIVE YEARS FROM THE DATE OF THE LAST SALE OF SUCH TOKENS.
2. ພາກສ່ວນນີ້ຈະບໍ່ນຳໃຊ້ກັບໂທເຄັນທີ່ບໍ່ສາມາດລ້າງໄດ້ທີ່ຜູ້ພັດທະນາໄດ້ສ້າງຂຶ້ນ ໜ້ອຍກວ່າໜຶ່ງຮ້ອຍໂທເຄັນທີ່ບໍ່ໄດ້ fungible ທີ່ຖືກຖືວ່າເປັນສ່ວນໜຶ່ງຂອງຊຸດດຽວກັນ ຫຼື ບໍ່ໄດ້ຢູ່ໃນຫ້ອງຮຽນ. IBLE TOKENS ຖືວ່າເປັນ ພາກສ່ວນຂອງຊຸດ ຫຼື ຊັ້ນຮຽນດຽວກັນມີຄ່າບໍ່ຕ່ຳກວ່າຊາວພັນໂດລາ ໃນເວລານັ້ນ ຜ້າປູຈະເກີດຂຶ້ນ.”
With the two Bills now forwarded to both Chamber’s Codes Committee, a 30-day grace period will be scheduled for the new laws to be implemented if passed into law.
Rug pulls are not uncommon in the digital currency world. While many are not documented, a related one was recorded with the SushiSwap decentralized Exchange initially developed by a developer known as Chef Nomi. Back in September 2020, Nomi abandoned the project when he converted his SUSHI tokens to Ethereum.
Consequently, FTX CEO Sam Bankman-Fried ໄດ້ຫຼາຍກວ່າ the project and revived it, but not after the token had ທຸກທໍລະມານ a massive plunge.
ແຫຼ່ງຮູບພາບ: Shutterstock
Source: https://blockchain.news/news/new-york-lawmakers-to-make-rug-pulls-in-crypto-a-crime