Rug Pulls Dominate Crypto Scams, Accounting for Over Half of Threats
Rug pulls constituted more than 54% of all newly detected cryptocurrency scams, according to the latest data from on-chain security analysis platform Web3 Antivirus. The findings indicate that while scam tactics continue to evolve, many malicious actors still rely on token projects that initially appear legitimate, only to later exploit contract controls to trap investors or drain liquidity.
Scam Tactics and Mechanics
In a June 9 breakdown shared on X, Web3 Antivirus reported that honeypots, a distinct but related scam, ranked second at approximately 22%. Fake tokens followed at roughly 12%, with scam airdrops accounting for just under 12%.
The effectiveness of rug pulls stems from their underlying mechanics. As the security firm explained, these schemes are designed to mimic normal market activity in their early stages, featuring rising prices, increased trading volumes, and high engagement in online forums. The risk only becomes apparent when contract owners activate hidden permissions, preventing users from selling, removing liquidity, or otherwise locking their funds.
“A token can look alive with the chart moving up and the community getting louder, but one owner-side action can change everything in secs,” Web3 Antivirus stated. “The same contract controls that were invisible during the pump can suddenly become the reason users cannot exit, liquidity disappears and the chart collapses.”
Honeypots operate on a similar principle. Bad actors create a fraudulent token and promote it with convincing marketing as a lucrative investment opportunity. They may even artificially inflate the token’s value through self-executed transactions to create an illusion of high demand, luring unsuspecting investors. Once individuals purchase the token, often at inflated prices, the underlying contract prevents any sales, allowing scammers to abscond with the profits.
Scale of Detected Scams
Web3 Antivirus’s latest Scam Pulse data reveals the detection of over 425,000 rug pulls, alongside 172,000 honeypots and more than 94,000 scam airdrops. Of the more than 100 million contracts analyzed by the platform, nearly 4 million have been flagged as scams, with at least 3.1 million identified within the last 30 days alone.
Impersonation and AI’s Role
The platform has also observed an increase in the impersonation of token contracts. Web3 Antivirus’s weekly leaderboard shows Ethereum leading with 291 fake token detections, followed closely by Tether with 270 and USDC with 225. Activity has risen across nearly all tracked assets compared to the previous week.
Beyond on-chain mechanics, Web3 Antivirus highlighted that artificial intelligence is transforming how scams reach potential victims. The technology now enables phishing emails, fake support chats, and fraudulent social media posts to appear polished enough to pass initial visual scrutiny.
According to their data, emails remain the most common delivery channel at 53%, followed by SMS at 10%, social media at 9%, and online advertisements at 8%. Notable incidents include a fake Uniswap website in May that drained at least $400,000 from users before being identified. In the same month, Ripple CTO Emeritus David Schwartz warned XRP investors about a fake airdrop and giveaway campaign targeting XRPL users. More recently, Web3 Antivirus identified a phishing account impersonating the Canton Network, complete with the project’s branding, which used a seemingly official announcement to redirect users to a fraudulent URL.
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