Lookonchain APP

App Store

Report: Rug Pull Incidents in the Crypto Space Have Decreased, but Their Impact Has Grown

2025.04.18 14:25:11

On April 18th, according to a report by Cointelegraph. Based on the latest report from the blockchain analytics platform DappRadar, there were 21 "Rug Pull" incidents in the early part of 2024. In contrast, there were only 7 incidents from 2025 to the present. This indicates a declining frequency year by year. However, since the early 2025, the Web3 ecosystem has lost nearly $6 billion due to such incidents. 92% of this loss was attributed to the collapse of Mantra's OM token (the token's founder denies this was a "Rug Pull"). In contrast, the total loss from "Rug Pull" incidents in the same period of 2024 was $90 million. DappRadar analyst Sara Gherghelas pointed out that although the frequency of such incidents has decreased, their destructiveness has increased. Scams are becoming more sophisticated and are often orchestrated by professional teams. The nature of these incidents is also evolving. Many incidents in the first quarter of 2024 originated from DeFi protocols, NFT projects, and Meme coins. While in the same period of 2025, they mostly occurred in the Meme coin space. Gherghelas also warned that a sudden surge in the number of active wallets, a high transaction volume but low user activity, unverified smart contracts, limited GitHub activity, anonymous developer teams, or projects with a sudden spike in DApp popularity could all be warning signs of a "Rug Pull."
Relevant content

Swiss National Bank Bitcoin Reserve Initiative Falls Short on Signatures, Faces Potential Termination

Reuters reported on May 8 that the crypto advocacy group pushing to get the Swiss National Bank (SNB) to add Bitcoin to its reserves is expected to drop the effort—having failed to collect enough signatures to force a nationwide referendum. Swiss authorities had previously given organizers 18 months to amend the constitution, allowing the SNB to hold Bitcoin alongside its gold and foreign currency reserves. With just weeks left until the deadline, the "Bitcoin Initiative" said it has gathered only about half the required signatures—well short of Switzerland’s legal 100,000-signature threshold.

6 minutes ago

Securities and Futures Commission Warns Against Platforms Claiming Subscription of Hong Kong IPOs Using Virtual Currency: StableStock and HabitTrade

Hong Kong’s Securities and Futures Commission (SFC) issued a warning on May 8, adding two unlicensed platforms—StableStock and HabitTrade—to its alert list, per official sources. The SFC noted that online videos are luring the public to use StableStock, which claims to let users subscribe to Hong Kong IPOs with virtual currency and says it partners with HabitTrade. Both platforms are unlicensed by the regulator and not authorized to carry out any regulated activities in Hong Kong or market their services to the public, the SFC emphasized.

6 minutes ago

BlackRock Deposits 1,224 BTC and 11,475 ETH into Coinbase

May 8 — Per Onchain Lens monitoring, BlackRock has just deposited 1,224 BTC (≈$98.16 million) and 11,475 ETH (≈$26.27 million) into Coinbase, with potential for additional asset deposits.

6 minutes ago

Federal Reserve Governor Milan: Still Inclined to Cut Rates Early

May 8: Federal Reserve Governor Milan said he still leans toward an early interest rate cut. (FXStreet)

6 minutes ago

Iranian Foreign Minister: Iran's current missile inventory and launch capability have increased by 20% since February 28th

May 8 – Per a CCTV News report, Iran’s foreign minister said on May 8 local time that the country’s current missile inventory and launch capability have increased by 20% since February 28.

6 minutes ago

Iran: Whenever a diplomatic solution is on the table, the United States always opts for reckless military adventurism

On May 8th, Iranian Foreign Minister Araghchi stated that whenever a diplomatic solution is on the table, the U.S. consistently resorts to reckless military adventurism. (FXStreet)

6 minutes ago