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$7.7 billion lost to crypto-scams, but how serious have rug pulls been
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ambcrypto.comThe meteoric rise in crypto-adoption over the past few years has led the world to take notice of this ever-expanding industry. However, this has also contributed to the growing number of crypto-scams.
According to Chainalysis, for instance, scams related to cryptocurrencies rose by 81% in 2021 compared to last year, amounting to a whopping $7.7 billion.
Source: Chainalysis
As expected, a majority of these figures can be attributed to the newly surfacing scam strategy called a ‘rug pull.’ This is particularly common in the DeFi ecosystem. As per Chainalysis’s report, they accounted for 37% of the total scamming revenue of 2021, up from a mere 1% last year. In total, these rug pulls amounted to over $2.8 billion in revenue.
A rug pull involves
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