Crypto Exit Scams Decrease by Over 62% in September: CertiK Report

Blockchain security firm CertiK reports a substantial decrease in crypto exit scams for September 2023. Only 17 exit scams were identified compared to 45 in August, marking a 62% drop

In September, the average loss per exit scam was $111,000, the lowest in 2023. It was also the month with the fewest exit scams recorded this year, totaling losses of approximately $1.9 million

Crypto exit scams typically involve project promoters disappearing with investors' money after an ICO.

The top exit scam of September was DUO, absconding with over $352,000, followed by Memans VIP ($264,000), DKP ($204,670), and BitGo ($194,688)

CertiK Alert also issued warnings about fake crypto airdrops, including ArchimedesFi and Tip Coin. These scams were promoted on social media platforms like X (formerly Twitter) and led users to known wallet drainers, stealing crypto assets.