$2.8B Were Roped in By DeFi ‘Rug Pull’ Scams
- 37% of all scam revenue was accounted for by ‘Rug Pulls’, in comparison to 1% the previous year.
As per the latest report, it has been identified that over $2.8 billion have been lost by crypto investors to ‘rug pull’ scams. 37% of the total money accounted for crypto scams, which is over $7.7 billion, this year. It was also reported that this rise in crypto scams has mirrored the rise in prices of cryptocurrency this year. In comparison to last year, the total revenue collected by scammers was under $5 billion, and rug pull scam accounted for 1% of it.
The majority of the lost funds, over $2 billion, are accounted for by Turkish crypto exchange Thodex after its founders disappeared. Then was Dogecoin-inspired AnubisDAO at $58 million, followed by Binance Smart Chain-based exchange Uranium Finance at $50 million.
Out of all the rug pulls of 2021, Thodex was the only which was centralized rug pull, whereas all the others belong to the decentralized finance (DeFi) category.
Disclaimer: The article should not be considered as any financial advice. It is advisable to conduct thorough research before investing.
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