Crypto Scammers Worldwide Pulled in Nearly $8 Billion in 2021

According to a report of Chainalysis, cryptocurrency scammers all around the world have gathered nearly $8 billion in revenue in 2021. The report also shows that this revenue jumped by 81% as compared with the revenue of the previous year. The report states how the scammers aim the new users and that if it keeps on happening, it can be one of the biggest threats to the continuous adoption of Cryptocurrency.

The investors were left empty-handed after the emergence of “Rug Plugs”. These types of scams are used in the Decentralized Finance or DeFi ecosystem. These scammers abandoned a new token and take the users’ funds with them

It accounted for 37% of the cryptocurrency scams. The report also mentioned how it is regularly used in DeFi as it is cheap and easy to create new tokens on Ethereum blockchain or others and get them listed without a code audit.