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$ 7.7 billion worth of crypto stolen from victims by fraud in 2021: chain analysis

Chainalysis said scammers defrauded more than $ 7.7 billion worth of digital assets from investors in 2021, in part due to the emergence of a new breed of fraud in the crypto world.
The analyst firm found in a new Crypto Crime Report that “rug pulls” are one of the main reasons why scams have increased in value by 81% this year compared to 2020.

Rug pulls generally refer to when developers promote a new cryptocurrency project to investors and sell connected tokens, then withdraw the funds raised during the token sale and disappear.

Chain analysis explains

“Rug pulls have proven to be the most popular scam in the DeFiEcosystem (decentralized finance) and accounted for 37% of all cryptocurrency fraud revenue in 2021, down from just 1% in 2020. All in all, rug pulls raised more than $ 2.8 billion. ” Cryptocurrencies of victims in 2021. “

While rug pulls usually involve supposedly decentralized finance (DeFi) projects, this is not always the case. Back in April, the centralized Turkish exchange Thodex carried out the biggest rug pull of the year after banning users from withdrawing their funds.
Source: chain analysis
Faruk Fatih Ozer, CEO of Thodex, disappeared shortly after the payouts stopped, and users of the exchange lost more than $ 2 billion worth of crypto – a loot that made up nearly 90% of the funds stolen at rug pulls that year matters.

Chainalysis notes that fraud is the largest form of crypto-based crime and argues that it is “one of the greatest threats to further adoption of cryptocurrency”.

Read the analytics company’s full report here.
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Source: Crypto News Deutsch

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