There has been a 66% year-on-year decrease in the number of crypto rug pulls this year compared to 2024, but recent data shows the size of each rug pull has been increasing.
Rug pulls have dropped in frequency year-over-year, with early 2024 recording 21 separate incidents, compared to only seven so far in 2025, according to an April 16 report from blockchain analytics platform DappRadar.
However, since the beginning of 2025, the Web3 ecosystem has lost nearly $6 billion to rug pulls, according to DappRadar’s report. However, the report attributes 92% of that to Mantra’s OM token collapse, which the founders have strongly denied was a rug pull.
In comparison, during the same period in early 2024, three months into the year, total losses from rug pulls hit $90 million.
“This shift suggests that rug pulls are becoming less frequent, but far more devastating when they do occur,” DappRadar analyst Sara Gherghelas said.
“The scams are increasingly sophisticated, often orchestrated by teams with polished branding and well-planned narratives.”
Memecoins main culprit for rug pulls
Gherghelas says the nature of rug pulls is evolving. In the first quarter of 2024, most originated in DeFi protocols, NFT projects, and memecoins. In the same time frame for 2025, most rug pulls occurred in memecoins.
Libertad project’s native Solana token, Libra (LIBRA), is one of the more recent high-profile cases of a rug pull; it rallied to a market capitalization of $4.56 billion on Feb. 14 after Argentina’s president, Javier Milei, posted about it on X.
The token then fell by over 94% after he deleted the post, prompting accusations of a pump-and-dump scheme.
“Rug pulls and exit scams remain a persistent threat, especially in ecosystems where projects can rapidly gain traction through hype, only to disappear with user funds overnight,” Gherghelas said.
“Despite increasing awareness and more tools to detect suspicious behavior, rug pulls remain a recurring issue, particularly in DeFi and newly launched token ecosystems.”
Gherghelas says red flags for rug pulls can include a sudden spike in unique active wallets without an apparent reason or unusually high volume paired with low user activity.
At the same time, projects with unverified smart contracts, limited GitHub activity, or anonymous developer teams or DApps that spike overnight can also be a red flag.
Related: Savvy memecoin trader makes $988K in 3 hours despite rug pull
“As the industry matures, so do the tactics used by bad actors. But the tools available to users are also getting stronger,” Gherghelas said.
“While rug pulls may never be fully eradicated, their impact can be drastically reduced when users are equipped with the right information.”
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