Cyber-Forensics.net
Cyber Forensic Specialist
Fraudsters are creating new coins and promoting false information about them to get the attention of potential investors to invest in them.
— Timothy Benson
SOFIA, BULGARIA, July 8, 2022 /EINPresswire.com/ — Decentralized Finance(Defi) has grown enormously, with a total market capitalization of more than $146 million. It uses blockchain technology to get access to financial services without being constrained in the way that centralized financial institutions.
Despite how helpful and fast it has been to enhance financial access, it has become one of the most targeted ways for scammers to execute internet thefts. Such kinds of scams are known as Defi rug pull or rug pull.
According to a report by Chainalysis, Rug pull has emerged as the most popular scam in the Defi ecosystem, accounting for 37 percent of all cryptocurrency scams revenue in 2021.
In 2021, the rug pull scam took in more than $2.8 billion worth of cryptocurrency from victims.
The most prominent rug pull of 2021 involved a token purportedly tied to a Korean Netflix drama, Squid Game, known as SQUID coin. The coin surged by more than $2,861 in early November before tanking as the developers…
