Some Biggest Crypto Rug Pulls Ever
By Sandeep Kasalkar
A recent report from the blockchain research firm Chainalysis claims that in 2021, bitcoin rug pull scams generated more than $2.8 billion in illegal activity.
Furthermore, 37% of all cryptocurrency-related scams were rug pulls in the decentralised finance (DeFi) sector.
Here are some of the largest Crypto rug pulls ever:
OneCoin
OneCoin was a Ponzi scheme based on cryptocurrencies. OneCoin Ltd. and OneLife Network Ltd., formed by Bulgarian national Ruja Ignatova, who disappeared in 2017, were the organisations responsible for the scheme. But not before the scam brought in $4 billion.
The company’s main line of business was the sale of course materials, and it operated similarly to a multi-level marketing system where customers were compensated to bring in new custom.
Thodex
Turkey launched an inquiry in 2021 into Fatih Faruk Ozer, the creator of the cryptocurrency exchange Thodex, on the grounds that he may have committed fraud and started a criminal enterprise.
The company promised consumers that service will resume after five working days when it declared on its website that it had ceased operations because of a “partnership opportunity.”
Sadly, this never actually happened.
Anubis Dao
A decentralised reserved currency, backed by bond sales and fees from liquidity providers, was the project’s claim to fame.
The squad didn’t have a website, but it did have an active Discord server and a very popular Twitter account.
In exchange for the ANKH token, investors contributed $60 million in ETH during the inaugural token sale. The investment pool’s money was sent to a different address after the sale had been going on for twenty hours, and it was never received back.
Defi100 Coin
This stands out as one of the crypto community’s most egregious rug-pulling instances.
A DeFi protocol was the Defi100 project, which was based on the Binance Smart Chain.
On May 22, 2021, a message reading “we fooled you guys, and you can’t do jack about it” was posted on the coin’s website.
Crypto Analysts claim that the developers disappeared with $32 million in investor money.
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