{"id":132960,"date":"2021-12-23T21:24:05","date_gmt":"2021-12-24T05:24:05","guid":{"rendered":"https:\/\/lifeboat.com\/blog\/2021\/12\/rug-pull-cryptocurrency-scam-costed-investors-over-7-7-billion-in-2021-chainalysis"},"modified":"2021-12-23T21:24:05","modified_gmt":"2021-12-24T05:24:05","slug":"rug-pull-cryptocurrency-scam-costed-investors-over-7-7-billion-in-2021-chainalysis","status":"publish","type":"post","link":"https:\/\/lifeboat.com\/blog\/2021\/12\/rug-pull-cryptocurrency-scam-costed-investors-over-7-7-billion-in-2021-chainalysis","title":{"rendered":"\u2018Rug pull\u2019 cryptocurrency scam costed investors over $7.7 billion in 2021: Chainalysis"},"content":{"rendered":"<p><a class=\"aligncenter blog-photo\" href=\"https:\/\/lifeboat.com\/blog.images\/rug-pull-cryptocurrency-scam-costed-investors-over-7-7-billion-in-2021-chainalysis2.jpg\"><\/a><\/p>\n<p>It should be noted that in 2020, rug pulls accounted for just 1 per cent of the under $5 billion in total illicit revenue.<\/p>\n<hr>\n<p>Earlier, in November, <a href=\"https:\/\/indianexpress.com\/article\/business\/a-cryptocurrency-inspired-by-squid-game-crashes-the-industry-has-questions-7605417\/\" class=\"\">millions of dollars vanished<\/a> in a matter of minutes after investors piled into a new cryptocurrency inspired by \u201cSquid Game,\u201d the popular Netflix survival series, only to watch its value plunge to nearly zero in a few short hours. Then Squid went on a roller-coaster ride. In a 10-minute span later on Monday, the token\u2019s value grew from $628.33 to $2,856.65, according to CoinMarketCap, a crypto data tracking website. Then, five minutes later, it traded at $0.0007.<\/p>\n<p>Meanwhile, US Federal Bureau of Investigation (FBI) had <a href=\"https:\/\/indianexpress.com\/article\/technology\/crypto\/fbi-warns-of-scammers-using-cryptocurrency-atms-and-qr-codes-to-steal-money-7612600\/\" class=\"\">issued a warning<\/a> in November, against cybercriminals that are using Bitcoin ATMs and QR codes to defraud unsuspecting individuals. The FBI in a recently released Public Service Announcement (PSA), said that it has witnessed an increase in scammers directing victims to use physical cryptocurrency ATMs and digital QR codes to complete payment transactions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It should be noted that in 2020, rug pulls accounted for just 1 per cent of the under $5 billion in total illicit revenue. Earlier, in November, millions of dollars vanished in a matter of minutes after investors piled into a new cryptocurrency inspired by \u201cSquid Game,\u201d the popular Netflix survival series, only to watch [\u2026]<\/p>\n","protected":false},"author":427,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1318,1761],"tags":[],"class_list":["post-132960","post","type-post","status-publish","format-standard","hentry","category-bitcoin","category-cryptocurrencies"],"_links":{"self":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/posts\/132960","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/users\/427"}],"replies":[{"embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/comments?post=132960"}],"version-history":[{"count":0,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/posts\/132960\/revisions"}],"wp:attachment":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/media?parent=132960"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/categories?post=132960"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/tags?post=132960"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}