Rug Pulls Increase Crypto Losses in 2024

Krutika Adani

Spike in Rug Pulls

Due to a bull run and more unsuspecting users than ever, rug pulls have skyrocketed in 2024.

Rug Pulls Major Contributor to Crypto Losses

These rug pulls were major contributors to crypto losses, especially due to frequent incidents in Solana memecoins.

Losses Decline in May

However, the month of May 2024 saw a 12% month-on-month decrease in crypto losses, according to a report by ImmuneFi.

Gala Games and Sonne Finance

Among all the projects that were rug pulled, Gala Games and Sonne Finance together caused a $41 million loss.

DeFi Prime Target for Rug Pulls

The report also highlights that decentralized finance was the main target of these rug pulls.