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Over $6 billion has been lost to just two crypto scams

Scams were among the leading causes of cryptocurrency deaths, accounting for over 500 doomed coins so far.
This is the finding in the latest report from Traders of Crypto, which analyzed over 2,300 “dead” cryptocurrencies to find out what brought so many projects to their demise.
A tour of the crypto graveyard
As of January 2022, the crypto industry has officially buried almost 2,400 cryptocurrencies. Around 1,000 of them died in the past two years alone, research from Traders of Crypto has shown.
This 71% increase in the number of dead coins can, at least in part, be attributed to the cutthroat environment of 2020’s DeFi summer, which saw the demise of hundreds of projects.
According to the report, 1,596 coins have been pronounced dead due to abandonment or lack of volume. This means that their trading volume stayed below $1,000 for three consecutive months or that their websites were either shut down or abandoned by developers.
The fast development pace of the crypto industry h

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