As we navigate the tumultuous waters of the cryptocurrency landscape, the persistence of rug pulls and scams continues to cast a shadow over the industry. Here's a snapshot of the latest incidents, revealing the stark reality of fraudulent activities in the crypto space.
Statistics of scams this year
Amount Stolen YTD in 2023: $325,319,916
Let's count the chickens
The fraud activity reached in September: $193,651,480
Scam Total:
JPEX: $192,000,000
Base: $544,000
Haribo: $35,400
Rug Pull Total:
DUO: $352,698
Memans VIP: $264,082
BitGo: $194,300
Helio: $127,000
BNBpay: $114,000
Patex: $97,500
Justus: $59,000
Unleashed Beast: $55,300
MED: $53,000
Corede Finance: $43,900
Lybra Finance: $37,000
YZER: $28,600
September 2023: Scams and Rug Pulls Unveiled
JPEX Scandal (September 2023)
Type: Scam
Impact: 192,000,000 individuals
The JPEX scandal leaves a trail of disillusioned investors, highlighting the scale of scams in the crypto world.
Base (fake) Fraud (September 2023)
Type: Scam
Impact: 544,000 victims
The fake "Base" cryptocurrency exposes vulnerabilities in the market, affecting a significant number of investors.
DUO's Sudden Departure (September 2023)
Type: Rug Pull
Impact: 352,698 participants
DUO's abrupt exit leaves investors grappling with losses, emphasizing the unpredictable nature of rug pull
Memans VIP's Deceptive Move (September 2023)
Type: Rug Pull
Impact: 264,082 investors
Memans VIP adds to the list of rug pulls, leaving investors questioning the security of their investments.
BitGo (fake) Exit (September 2023)
Type: Rug Pull
Impact: 194,300 individuals
The fake BitGo's disappearance highlights the challenges of distinguishing legitimate projects from fraudulent ones.
Helio (fake) Vanishing Act (September 2023)
Type: Rug Pull
Impact: 127,000 users
Helio's fraudulent activities reveal the importance of thorough research before investing in crypto projects.
BNBpay's Betrayal (September 2023)
Type: Rug Pull
Impact: 114,000 participants
BNBpay's rug pull serves as a reminder that even seemingly established projects can succumb to fraudulent actions.
Patex (fake) Scheme (September 2023)
Type: Rug Pull
Impact: 97,500 victims
Patex's fraudulent activities expose the susceptibility of investors to projects with misleading intentions.
Justus (fake) Fallout (September 2023)
Type: Rug Pull
Impact: 59,000 affected
Justus adds to the growing list of fake projects, highlighting the need for regulatory scrutiny in the crypto space.
Unleashed Beast's Sudden Retreat (September 2023)
Type: Rug Pull
Impact: 55,300 investors
Unleashed Beast's rug pull raises questions about the trustworthiness of emerging crypto projects.
MED's Disappearing Act (September 2023)
Type: Rug Pull
Impact: 53,000 participants
MED becomes another casualty in the ongoing battle against rug pulls, urging investors to exercise caution.
Corede Finance's Unraveling (September 2023)
Type: Rug Pull
Impact: 43,900 affected
Corede Finance's rug pull emphasizes the need for robust mechanisms to identify and prevent fraudulent schemes.
August 2023: Earlier Warnings Ignored
Mangate Finance's Enormous Rug Pull (August 2023)
Impact: 5,300,000 affected
The enormity of Mangate Finance's rug pull serves as a stark warning about the scale of potential losses in the crypto space.
LayerZero (fake) Deception (August 2023)
Type: Scam
Impact: 1,000,000 individuals
The fake LayerZero project highlights the need for a concerted effort to identify and eliminate fraudulent entities.
Hachiko's Rug Pull (August 2023)
Impact: 123,700 participants
Hachiko's rug pull exposes the vulnerability of investors to sudden and unforeseen market manipulations.
Apache NFT SalesRoom's Sudden Vanishing Act (August 2023)
Impact: 680,000 affected
The abrupt exit of Apache NFT SalesRoom raises concerns about the due diligence exercised by investors in the crypto market.
While examining these recent incidents, it underscores the ongoing challenge of fraudulent activities within the crypto space. Investors face the imperative task of exercising caution, conducting comprehensive research, and staying vigilant. To mitigate these risks, tools that empower investors with enhanced security measures, including tranched and streamed investments, are becoming increasingly crucial. This underscores the pressing need for robust regulatory frameworks and strengthened industry collaboration to cultivate a secure and trustworthy cryptocurrency ecosystem.
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