Report: Only 7 "rug pull" incidents have occurred in the encryption field since 2025, and the Web3 ecosystem has lost nearly $6 billion

According to the latest report from blockchain analysis platform DappRadar, there were 21 incidents of "Rug Pull" in early 2024, compared to only 7 incidents since 2025, indicating a decreasing frequency of occurrence year by year. But since the beginning of 2025, the Web3 ecosystem has lost nearly $6 billion due to such events, with 92% attributed to the collapse of Mantra's OM token (the token's founder denies it was a "rug pull"). By comparison, the total loss from the "rug pull" incident in the same period of 2024 was $90 million. DappRadar analyst Sara Gherghelas pointed out that although the frequency of such incidents has decreased, they are more destructive and scams are becoming increasingly complex, often planned by professional teams. Its nature is also evolving. In the first quarter of 2024, it mostly originated from DeFi protocols, NFT projects, and Meme coins, while in the same period of 2025, it mostly occurred in the Meme coin field. Gelgelas also reminds that an inexplicable surge in the number of active wallets, high transaction volume but low user activity, as well as unverified smart contracts, limited GitHub activity, anonymous developer teams, or sudden spikes in DApps, could all be warning signals for "rug pull".