For years, the cryptocurrency sector has received criticism for harboring scams that have translated into massive losses for users, with the FTX exchange collapse emerging as the latest high-profile incident.
In this case, new data highlights the extent of crypto scams’ impact on users, with bad players adopting new means to defraud unsuspecting investors. In particular, over the last five years, cryptocurrency-related scams have cost users over $20 billion, with rug pulls emerging among notable tricks used by scammers, new data by crypto analysis platform Chainalysis indicates.
For instance, in 2021, cryptocurrency scams resulted in a loss of about $7.7 billion, with rug pulls accounting for $2.8 billion of the losses. Notably, a rug pull can be defined as a cryptocurrency developer abandoning a project or token, draining all funds, and disappearing.
Leading rug pull incidents
Notable incidents include the OneCoin case, where users lost between $4 billion and over $15 billion. It
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