The cryptocurrency market, now valued at over $3 trillion, has become a global financial juggernaut with a user base exceeding 300 million individuals. However, within the realm of decentralized finance, a darker side persists, with rug pulls and scams wreaking havoc. As our cryptocurrency and NFT heist trackers reveal, fraudsters have siphoned off a staggering $26 billion from unsuspecting investors to date.
Rug Pulls or Scams?
Rug Pulls - These deceptive maneuvers involve sudden exits by the founders of newly established crypto tokens or NFTs, leaving investors in the lurch.
Scams - A broader category covering Ponzi schemes, honeypots, and impersonations of established coins, among other fraudulent activities.
The 10 Biggest Crypto Rug Pulls and Scams
OneCoin - $4 billion stolen (Ponzi Scheme)
Africrypt - $3.6 billion stolen (BTC pool disappearance)
GainBitcoin - $3 billion stolen (India's largest crypto scam)
BitConnect - $2 billion stolen (Elaborate Ponzi scheme)
PlusToken - $2.25 billion stolen (Crypto Ponzi scam in China)
Wirecard - $2.1 billion stolen (Card issuer with crypto support)
Thodex - $2 billion stolen (Exit scam in Turkey)
WoToken - $1.1 billion stolen (Ponzi scheme with nonexistent tech)
Arbistar - $1 billion stolen (Spanish billion-dollar crypto scam)
BitClub Network - $722 million stolen (Cryptocurrency mining scheme)
Still relevant. Pug Pulls in 2023
Even in 2023, the menace of pug pulls persists, with startups like EigenLayer, JPEX, and others impacting hundreds of thousands to millions of users. The crypto space remains a breeding ground for opportunistic fraud, demanding heightened vigilance and proactive measures.