What Happened to Beast Masters (BEAST)?
I Beast Masters was a fairly hyped cryptocurrency project on the Binance Smart Chain (BSC). The project launched a token and planned on launching an RPG game and even had staking with a 150% APR.
So, what happened to Beast Masters? Why has it disappeared from the influencer circle?
What Happened to Beast Masters ($BEAST)?
To keep things simple, the developers of this project rugged. They drained the liquidity pool and the price of the token crashed to zero.
Just look at the price chart:
That’s a clear sign that the project rugged. A fairly normal price chart before dropping to zero in a single day.
I Lost Money In Beast Masters, Can I Do Anything?
No, you probably can’t do anything. We recommend reporting the project to the FBI or the relevant authorities in your country.
This might not seem like it does anything, but the founders of Frosties (an NFT project that rugged) were arrested after an FBI investigation was launched after the Bureau received numerous complaints.
Now, even if the authorities do arrest the founders of Beast Masters, you probably will not get your money back.
That’s just how cryptocurrency works.
It’s definitely satisfying to see scammers put in prison, though.
Avoiding Rug Pulls in Crypto
There are a lot of scams in cryptocurrency. A rug pull, which is essentially an exit scam like the one the founders of Beast Masters performed, are extremely common.
There are a few red flags you can look for to prevent yourself from losing your investment.
- Don’t invest in projects with anonymous founders.
- Binance Smart Chain projects have a tendency to rug.
- Memecoins are usually rugs.
- NFTs or play to earn games from anonymous developers are almost always rugs.
Above all else, don’t “ape” into projects. We know it can be tempting to invest into a project you see hyped on Twitter or by your favorite influencer, but look at the project objectively before rushing to invest.
If a project has any red flags, then don’t invest in it. If you do invest, then make sure to only put in what you are willing to lose.
Personally, we just avoid all new projects and just hold blue chip cryptocurrencies like Bitcoin and Ethereum.
It’s just too difficult to make any money with all the scams out there.
To summarize, Beast Masters rugged and investors lost over a million dollars in total. The perpetrators got away with it and likely started their next scam project.
This is just how it works in cryptocurrency and one reason we do not encourage new investors to invest in new projects. Just stick to the old, reliable projects like Bitcoin and Ethereum.
You won’t make money fast with them, but you will probably make money on a long enough timeline with them.