DeFi ‘Rug Pull’ Scams Pulled In $2.8B This Year: Chainalysis

Posted on by American Coins & Gold

DeFi ‘Rug Pull’ Scams Pulled In .8B This Year: Chainalysis
Crypto investors lost over $2.8 billion to ‘rug pulls,’ a colloquial term for a type of crypto scam, in 2021, according to a report by Chainalysis. The rise in scams mirrored a general rise in cryptocurrency prices this year, the report added.Rug pulls, the seemingly tame crypto Twitter buzzword, accounted for 37% of the over $7.7 billion in total illicit revenue from crypto scams this year, according to the report published on Thursday. In 2020, rug pulls accounted for just 1% of the under $5 billion in total illicit revenue.Turkish crypto exchange Thodex accounted for a majority of the lost…