{"id":79645,"date":"2023-06-02T12:17:01","date_gmt":"2023-06-02T09:17:01","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=79645"},"modified":"2025-09-11T12:12:53","modified_gmt":"2025-09-11T09:12:53","slug":"in-may-the-crypto-industry-lost-more-than-45-million-to-rug-pull-schemes","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/in-may-the-crypto-industry-lost-more-than-45-million-to-rug-pull-schemes\/","title":{"rendered":"In May, the crypto industry lost more than $45 million to rug-pull schemes."},"content":{"rendered":"<p>Losses from <span data-descr=\"the practice of inflating the price of a token created in a liquidity pool, followed by a sharp withdrawal of funds; subsequently, other pool participants are left with devalued assets\" class=\"old_tooltip\">rug pull<\/span> in May more than doubled the losses from exploits in DeFi protocols and amounted to more than $45 million. Beosin researchers said.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">?Rug Pull Outpaces Attacks: The total amount involved in <a href=\"https:\/\/twitter.com\/hashtag\/rugpull?src=hash&#038;ref_src=twsrc%5Etfw\">#rugpull<\/a> reached $45.02 million, surpassing losses from attacks<\/p>\n<p>2\/5<\/p>\n<p>\u2014 Beosin ? Blockchain Security (@Beosin_com) <a href=\"https:\/\/twitter.com\/Beosin_com\/status\/1664171533064081409?ref_src=twsrc%5Etfw\">June 1, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script> <\/p>\n<p>During the month, six incidents of token price manipulation followed by sharp withdrawals occurred.<\/p>\n<p>Meanwhile, 10 attacks on decentralized protocols brought attackers $19.7 million. This amount is almost 80% less than in April, and overall such attacks tend to decline, researchers noted.<\/p>\n<p>The largest rug-pull incident was the alleged <a href=\"https:\/\/u1f987.com\/en\/news\/defi-project-fintoch-suspected-of-31-6m-fraud\">exit scam by the DeFi project team Fintoch<\/a> on May 24, in which clients lost assets worth $31.6 million.<\/p>\n<p>The greatest damage from exploiting the Jimbos platform bug was $7.5 million.<\/p>\n<p>Beosin&#8217;s team advised users to raise awareness of fraudulent schemes and to conduct thorough due diligence on cryptocurrency projects before investing.<\/p>\n<p>According to CertiK&#8217;s analysts, in April cryptocurrency projects <a href=\"https:\/\/u1f987.com\/en\/news\/losses-from-crypto-hacks-and-scams-in-april-exceeded-103-7-million\">lost $103.7 million<\/a> due to exploits, hacks and exit scams.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Losses from rug pulls in May more than doubled the losses from exploits in DeFi protocols, totaling over $45 million. Beosin researchers said.<\/p>\n","protected":false},"author":1,"featured_media":79646,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[44,1093],"class_list":["post-79645","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cybercrime","tag-defi"],"aioseo_notices":[],"amp_enabled":true,"views":"20","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/79645","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=79645"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/79645\/revisions"}],"predecessor-version":[{"id":79647,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/79645\/revisions\/79647"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/79646"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=79645"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=79645"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=79645"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}