DeFi rug pull surge reveals more complex crypto scam strategies
A look at the dark side of rug pulls and the complex manipulation strategies pervading them.
While the crypto industry has continued to reach new heights, recently hitting a market capitalization of $3.89 trillion, the decentralized finance (DeFi) landscape has witnessed a dramatic upsurge in the number of rug pull incidents.
On Nov. 14, the number of rug pull incidents peaked at an alarming 31 in a single day, while their monthly cumulative losses amounted to a sizable $15 million, signaling the escalating sophistication of scammers.
While most of these incidents involved relatively small amounts, with losses typically less than $100,000, the sheer volume and increasing complexity of these scams have posed a significant threat to the integrity of the DeFi market.
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Author: Shiraz Jagati
