Bitcoin Pizza Day: Scammers Feast as Investors Lose Millions

Overview

• Bitcoin Pizza Day is an annual event to remember the day when Laszlo Hanyecz spent 10.000 BTC on two pizzas in 2010.
• This year, many crypto enthusiasts were scammed into investing into several pizza-related tokens.
• Scammers managed to take more than $12,000 from naive investors.

What is Bitcoin Pizza Day?

Bitcoin Pizza Day is an annual reminder of the day in 2010 when Laszlo Hanyecz, a Florida developer, spent 10.000 BTC on two pizzas—an equivalent to $270 million as of May 23. Since then, the day has become a source of various puns, events and businesses in the crypto industry.

Scam Alert for Bitcoin Pizza Day 2023

Unfortunately, this year’s celebration was accompanied by scam attempts that took advantage of naive traders and investors. Data from Dextool showed that fourteen new pizza-related meme coins were created within 24 hours on Monday—four of which later turned out to be rug pulls where investors could not divest their holdings due to altered sell tax rates. As a result, traders lost 0.98 ETH ($1,800). Other malicious projects such as “bitcoin pizza” and “pizza inu” coins resulted in losses of more than $12,000 collectively for investors who were fooled by the scam promises. The currently active project „bpizza“ has taken over $100K from unsuspecting victims so far.

How To Avoid Scams

It is important to be aware of potential scams and not fall for promises made by malicious actors within the cryptosphere. Always do your own research before investing capital into any coin or token offerings and stay mindful of sudden price spikes or high trading volumes that may indicate red flags or malicious intent behind the project’s launch.

Conclusion

Bitcoin Pizza day serves as a reminder every year but unfortunately it also gave way for scammers to take advantage of naive investors this time around with fourteen new meme coins created on Monday alone . It is important to do your own research before investing capital into any coin or token offerings and always remain mindful of sudden price spikes or suspiciously high trading volumes which may point towards bad intentions behind the project’s launch.