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  • Writer's pictureMatas Vosylius

2023 September report: rug pulls

Updated: Oct 5, 2023

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

2023 Fraud statistics Moody, R., & Moody, R. (2022b). Worldwide crypto & NFT rug pulls and scams tracker. Comparitech)

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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