Fraud in the crypto world is becoming more common as blockchain rapidly gains global adoption.
There are many types of scams, including phishing (a scam in which an attacker tricks people into revealing sensitive information or installing malware such as viruses, worms, etc.), Ponzi schemes, etc., but some popular types include crypto lag pull. Contains.
In this article, we will discuss the biggest crypto lag pulls, especially the 5 biggest lag pulls of 2024, and list how you can stay safe from future scams in the crypto world.
What is Crypto Ragpull?
Crypto Ragpull is a popular scam often associated with new and possibly promising cryptocurrency projects with little transparency or anonymous developers. In this scam, developers abruptly abandon the project, taking all invested funds with them and leaving investors with worthless tokens, effectively “pulling the rug out from under them”. It caused huge losses to those who invested in the project.
So let's dive into the list of rug pulls in crypto that happened in 2024.
1. Dio token pump and dump
Jump Trading was accused of performing a pump-and-dump operation using Decimated (DIO) tokens originally intended for the Fracture Lab gaming project.
To stabilize the launch on HTX (formerly Huobi), the developer lent millions of Dio tokens. Jump liquidated all its holdings at the highest price after hiring influencers to increase the popularity of the token. The Dio tokens were then returned to the broken lab when Jump bought them back at a quarter of their peak value, causing their value to decline.
At the time of writing, Dio Token is trading at $0.007276, down 98.8% from its all-time high of $0.5879.
2. froggy coin rug pull
Another coin that will be on the list of biggest lag pulls in 2024 is Froggy (Froggy) coin.
The Froggy Coin rug pull in early 2024 exposed a traditional decentralized finance (defi) scam. Froggy Coin was sold as a meme token to cater to social media users. Its humorous branding and promise of quick profits attracted many investors. On websites like X and Reddit, developers generated excitement by portraying the token as a community-driven initiative with strong support.
The liquidity pool was funded by the original investors, which increased the value and legitimacy of Froggy Token. The developer quickly ran out of liquidity and crashed the value of the token after deciding that enough money had been accumulated.
At the time of writing, Froggy Token is trading at $0.0000000073964, down 99.95% from its all-time high of 0.00001577.
3. Hawk Tuarag Pull
On December 4, 2024, social media celebrity Hayley Welch introduced Hawk Tua (Hawk). Within 20 minutes of its debut, the cryptocurrency's value plummeted from $500 million to $60 million.
There was significant backlash from online communities and legal authorities. US law firm Berwick Law has reportedly filed a federal lawsuit against Haley Welch and three other individuals behind the inactive Hawk Meme Coin. Ta.
At the time of writing, Hawk Token is trading at $0.0006404, down 71% from its all-time high of 0.0022413.
4. SharpeiSolanaMemeCoin Ragpull
Sharpei (Shar) is a cartoon-style image of the Shar Pei Dog, released in October 2024. Thanks to a push from the social platform's X influencers, he was sometimes referred to as a “key opinion leader” or col. Market evaluation.
The project's presentation deck leaked once it reached its apex. The developer claimed it planned to onboard “over 50 Tier 1 cols” and collaborate with exchanges and other ventures. The paper lists several influencers who have denied any connection to the effort.
Kadense and Nom, key contributors to Bonk, refuted leak deck claims that Shar will form a strategic alliance with the popular Meme Coin Bonk after reaching a market value of $100 million. In the meantime, Joji, a pseudonymous influencer with over 200,000 followers, was also involved. The influencer disputes the accusations, posting snapshots of Telegram communications that allegedly refute the collaboration.
During this time, Shar's earnings decreased from $54 million to $35.5 million. Insiders must have been worried about this, as it fell 96.3% to the market for $1.3 million in less than 2 seconds after a huge and well-planned sale.
At the time of writing, Shar Token is approximately 25% below its all-time high of $0.001314.
5. GunitHack and Rug Pull
Rapper 50 Cent, Curtis James Jackson III, said his website and X account were compromised to promote a fake cryptocurrency coin called “Gunit.” Hackers used Superfan to inflate the value of the token before it crashed to $0.00016.
The actual trade volume was $19.4 million, but Jackson told his 32.8 million Instagram followers about the attack, claiming the hackers made $300 million in 30 minutes. Gunit sells in large quantities in several wallets, with four accounts selling for over $100,000. Jackson has clarified that he has no connection to the cryptocurrency scam.
At the time of writing, Gunit Token is trading at $0.00002133, which highlights a 100% decrease from its all-time high of $0.05085.
How to stay safe from rug pull in crypto?
To avoid becoming a victim of top lag in cryptocurrencies, you should take several steps to protect yourself.
First, avoid trading tokens on decentralized exchanges unless the official project has shared the token contract address on a social platform. Even after that, you should check the liquidity of the project to see if some wallets are holding most of the supply. This is because it clearly states that the project can throw away the tokens it wants at any time.
Also, if your token is listed on a centralized exchange, be sure to read the fundamentals and overall supply changes, as increases in token supply can have a significant impact on the token's price.
All in all, it is very important to do your research to avoid getting involved in the next big lag pull in the crypto world.
