Beware of sophisticated scams and rug pulls, as thugs target crypto users By Cointelegraph

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Beware of sophisticated scams and rug pulls, as thugs target crypto users

Published Dec 24, 2021 12:14PM ET Updated Dec 25, 2021 02:00PM ET

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Beware of sophisticated scams and rug pulls, as thugs target crypto users

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This year has been monumental for the cryptocurrency sector in terms of mainstream adoption. A recent report published by Grayscale Investments found that more than one-quarter of United States investors (26%) surveyed own Bitcoin (BTC), up from 23% in 2020. With the holidays around the corner, financial services provider MagnifyMoney also found that nearly two-thirds of surveyed Americans hope to receive cryptocurrency as a gift this year.

While crypto’s growth is notable, there has also been an increase in the number of scams associated with digital assets. A Chainalysis blog post highlighting the company’s “2022 Crypto Crime Report” revealed that scams were the dominant form of cryptocurrency-based crimes by transaction volume this year. The post notes that over $7.7 billion worth of cryptocurrency has been taken from scam victims globally. According to Chainalysis’ previous research, this number represents an 81% increase compared to 2020, a year in which scamming activity dropped significantly compared to 2019.

Source: Chainalysis

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