Despite the potential of blockchain technology to revolutionize global trade without the need for centralized financial institutions or other middlemen like banks, the cryptocurrency industry is plagued by frauds that usurped investors' funds worth over $7.7 billion in 2021
Despite the potential of blockchain technology to revolutionize global trade without the need for centralized financial institutions or other middlemen like banks, the cryptocurrency industry is plagued by frauds that usurped investors' funds worth over $7.7 billion in 2021.
Out of this, more than $2.8 billion was lost to "rug pulls" or "pump and dump" schemes, which account for the lion's share of the total illegal cash taken from the crypto market by bad actors and developers.
Rug pulls are when a token creator artificially inflates the price of a cryptocurrency token, abandons the project, and then flees with investor money.
They are characterized by a disproportionate rise in the price of the token.
Pump and...
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