Abstract : The reason there are so many rugs pulls on the market is because it is easy to create such schemes.
October 25 (ChainDD) Blockchain security auditor Hacken released its latest security insights report on October 25, aiming to identify trends in cryptocurrency hacks in the third quarter, and evaluate how affected projects are handling security issues.
The report focuses in particular on "rug pulls". It is a type of exit scam where a project's team or founder abandons the project and suddenly disappears, taking all of the invested funds with them and leaving investors high and dry.
According to Hacken, crypto rug pulls are the largest attack in the cryptocurrency field, accounting for more than 65% of all hacks in the third quarter of 2023.
The reason there are so many rugs pulls on the market is because it is easy to create such schemes.