Another surging kind of crypto crime are the so-called rug pulls, in which a project’s founders either run away with users’ money or dump the token they created on the community. Rug pulls became the most popular kind of fraud in 2022, Crystal said. Out of 36 cases of fraud, 34 were associated with rug pulls, mostly on Binance Smart Chain (BSC), a blockchain network run by the major global centralized exchange, Binance. 23 rug pulls out of 34 happened on BSC, Crystal said.
Related posts
-
Trump’s crypto embrace is winning him votes, poll shows
A recent Fairleigh Dickinson University poll found that former President Donald Trump’s outreach to crypto owners... -
Nigeria Approves Two Crypto Exchanges, Warns Against Patronizing ‘Illegal Operators’
The Nigerian Securities and Exchange Commission (SEC) has granted “approval-in-principle” to Busha Digital and Quidax Technologies,... -
A U.S. Crypto Bill’s 2024 Chances
The crypto industry has been begging for issue-specific legislation in the U.S. for years, in the...