The monumental year of 2021 witnessed rug pulls become one of the most utilized scams of choice. According to aby the blockchain firm, Chainalysis, these rug pulls accounted for 37% of all scam revenue last year compared to only 1% in 2020.
There are two major reasons why rug pulls became so common. One was the initial hype surrounding the DeFi space and the subsequent FOMO. Next up – the technical skills required to develop tokens and get them listed on exchanges, many of which were done without a proper analysis of the smart contract’s code by a third party.
But this trend may not continue in 2022. Going forward, Chainalysis believes crypto-related crimes may decline as law enforcement’s ability to fight these scams evolves. It recentlyIn fact, the firm noted that illicit activity’s share of crypto transaction volume has never been lower. Its report on the same revealed that “crime is becoming a smaller and smaller part of the cryptocurrency ecosystem.
The team also mentioned that one positive development against these crimes is the growing “ability of law enforcement to seize illicitly obtained cryptocurrency.” For instance, IRS Criminal Investigation seized more than $3.5 billion worth of cryptocurrency in 2021.
Worthless tokens? No way! 😆
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