DappRadar: The damage from rug pull scams in the first quarter amounted to $6 billion

GateUser-f090498e · 2025-04-19T08:42:34+00:00

Seven major incidents occurred during the specified period, three times fewer than the previous year. However, the amount of stolen funds increased significantly. The majority of rug pull schemes are associated with meme coins, posing a threat to the industry despite increased awareness. It is crucial for users to thoroughly research investment projects and development teams to mitigate risks. The ESP32 microcontroller used in popular hardware Bitcoin wallets was reported to have critical vulnerabilities, endangering the security of digital assets.

GateUser-f090498e

2025-04-19 08:42:34

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During the specified period, there were seven major incidents, which is three times lower than last year. However, the volume of stolen funds has increased significantly. The overwhelming majority of rug pull schemes, where the team suddenly abandons the project and disappears with investors’ funds, are related to memecoins, whereas previously cybercriminals focused on DeFi coins and non-fungible tokens.

“Fraud is becoming increasingly sophisticated, often organized by teams with refined branding and well-planned narratives. Despite the increased awareness and the emergence of tools to detect suspicious behavior, such schemes remain a threat to all participants in the industry,” noted DappRadar.

However, the influence of such schemes and their consequences can be mitigated if users thoroughly study the investment projects and development teams offered to them, analysts concluded.

Earlier, cybersecurity specialists from the National Institute of Standards and Technology (NIST) stated that the ESP32 microcontroller, used in popular hardware bitcoin wallets, has critical vulnerabilities that jeopardize the security of digital assets.

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