Crypto scams turn deadlier in Q1 as rugpull losses surge 6,500%
Crypto rugpulls wiped out nearly $6 billion in Q1 2025, up 6,500% from just $90 million a year earlier, data shows.
Web3 projects have lost nearly $6 billion to rugpulls since the beginning of 2025, a 6,499% increase from the $90 million recorded during the same period last year, according to a new DappRadar report.
As DappRadar’s blockchain analyst Sara Gherghelas notes, a single case accounts for most of the damage, as 92% of the amount “is tied to the Mantra incident,” which she describes as “one of the largest individual scams recorded in recent years.”
Despite the financial toll, rugpulls have become less common. DappRadar found that “only 7…
