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Revenue from crypto scams surges 81 percent in 2021, "rug pulls" make for most of it
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moneycontrol.comThe money garnered from cryptocurrency-related scams and crimes worldwide touched almost $7.7 billion, reaching an all-time high in 2021, surging almost 81 percent over the last year, per the Chainalysis' 2022 Crypto Crime Report.
However, the lion's share of this $7.7 billion, almost 37 percent to stand at $2.8 billion belonged to "rug pulls" scams taking place in the Defi ecosystem.
Notably, this figure was just 1 percent in 2020, when the total illicit revenue collection was under $5 billion, highlighting the increased and urgent need to bring in regulations in this "shady" sector, as noted by US senator Elizabeth Warren recently.
Changing ways of scamming
Trends suggested that most cryptocurrencies sent from scam addresses, nearly 75
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