Top Five Crypto Rug Pull Scams

May 26, 2023

Wavy Line

Rug pulls are a crypto scam where a project's team or founder abandons the project and suddenly disappears, taking all of the invested funds with them.

Rug pulls usually happen with projects that raise a lot of money in little time and claim to give 'too good to be true' returns. Here are the top five rug pull scams in the history of crypto:

OneCoin

OneCoin is the biggest crypto Ponzi scheme which raised $4 billion by promising investors returns on their crypto investments. The mastermind of teh scam was Ruja Ignatova.from Bulgaria,

Thodex

Thodex was a Turkish crypto exchange that raised $2 billion and vanished in April 2021. At the time, Faruk Fatih Özer, the founder and CEO blamed cyberattacks for stopping the trade.

MAP NFTs

Mutant Ape Planet (MAP) NFT collection was a knockoff of the popular Mutant Ape Yacht Club (MAYC) NFT collection, from which the developers made around $2.9 million.

Squid Game Token

Based on the popular Netflix series, Squid Game Token raised $3.3 million from investors, which made this Web3 project one of the worst rug pulls in the history.

AnubisDAO

This dog coin project raised $60 million in ETH (13,597 ETH) from investors in return for native ANKH tokens. All of the funding vanished under 24 hours, leaving the liquidity at zero.