Best crypto rug in 2024

Scams in the crypto world are becoming common as blockchain is rapidly gaining global adoption.

While there are many types of scams that can include Phishing (a scam where attackers trick people into revealing sensitive information or installing malicious software such as viruses, worms, etc.), Ponzi schemes, etc. The famous type includes crypto rug pulling.

In this article, we will discuss some of the biggest crypto rug pulls, specifically the 5 biggest crypto rugs in 2024, and list some ways to stay safe from future scams in the crypto world.

What is crypto rug pull?

A Pull out the crypto rug It is a popular scam that is frequently associated with promising new cryptocurrency projects with little transparency or anonymous developers. In this scam, developers suddenly abandon a project, taking all the invested funds with them, leaving investors with worthless tokens and “pulling the rug out from under them,” resulting in significant losses for those who invested in the project.

Now let’s dive into the list of carpet draws in crypto that are happening in 2024.

1.

It was a trading jump accused From running a pump-and-dump operation using the DIO token, which was originally intended for the Fractional Labs games project.

To stabilize HTX (formerly HUOBI), the developer lent millions of DIO tokens. Jump liquidated all of its holdings at the highest price after hiring influencers to increase the popularity of the token, which led to a sharp decline as the value of the token declined. The DIO tokens were then returned to Fractional Labs when Jump bought them back for a quarter of their peak value, driving their value down.

At the time of writing, the DIO token is trading at $0.007276, 98.8% off its all-time high of $0.5879.

2. Pulling the vertebral currency mat

Another coin that makes it to the list of biggest draws of 2024 is the Froggy coin.

Early 2024 Coin Froggy Coin Rug exposed a traditional decentralized finance (DEFI) scam. Froggy Coin was marketed as a MEME token that caters to social media users. Its brand of humor and promises of quick profits attracted many investors. On websites like X and Reddit, developers have generated excitement by portraying the token as a community-based initiative with strong support.

The liquidity pool was funded by the first investors, which increased the value and legitimacy of the toad token. The developers quickly drained liquidity and discovered the value of the token after deciding that enough money had been accumulated.

At the time of writing, the toad token is trading at $0.0000000073964, down 99.95% from its all-time high of $0.00001577.

3. Falcon carpet pull

On December 4, 2024, Hailey Welch introduced on social media Hawk Tuah (Hawk), her meme coin in the crypto world. Within 20 minutes of its debut, the value of the cryptocurrency dropped from $500 million to $60 million.

There was significant backlash from the online community as well as legal authorities. US law firm Borwick Law reportedly filed a federal complaint suit against Hailey Welch and three other individuals behind the faded Falcons coin.

At the time of writing, the Falcons token is trading at $0.0006404, 71% off its all-time high of $0.0022413.

4. Sharp Solana Mimi Rug Rug

The Sharpei (Shar), a caricature of a Shar Pei dog, launched in October 2024. Thanks to a push from the social platform’s influencers, sometimes referred to as “key opinion leaders” or Kols, it quickly rose to a $54 million market valuation.

A pitch deck for the project leaked as it reached its summit, claiming that its developers have on board “50+ Class 1 Calls” and plan to collaborate with exchanges and other projects. The paper lists several influencers who have denied any connection to the effort.

Major shareholders of Bonk Kadense and NOM refuted the leaked deck assertion that Char will enter into a strategic alliance with the popular Bonk Meme Coin after reaching a market capitalization of $100 million. Meanwhile, Joji, a pseudonymous influencer with over 200,000 followers, was also implicated. The influencer breaks down the accusation, posting a screenshot of Telegram communications that allegedly refuted the collaboration.

Char dropped from $54 million to $35.5 million during this time. Insiders must have been concerned about this because, after a massive planned sell-off, the token fell 96.3% to $1.3 million on the market in less than two seconds.

At the time of writing, Shar Token is trading 25% below its all-time high of $0.001314.

5. Gunit Hack and Brug Pull

Rapper 50 Cent, whose real name is Curtis James Jackson III, He said That his website and X account were compromised to advertise a fake cryptocurrency called “Gunit.” Hackers used the large fan base to inflate the value of the token before it collapsed to $0.00016.

Although the real trade size was $19.4 million, Jackson told his 32.8 million Instagram followers about the attack and claimed the hackers made $300 million in 30 minutes. Gunit was sold in large quantities through several wallets, with four accounts selling for more than $100,000 each. Jackson clarified that he had nothing to do with cryptocurrency fraud.

At the time of writing, the Gunit token is trading at $0.00002133 which highlights a 100% decline from its all-time high of $0.05085.

How to stay safe from rug pulls in crypto?

To avoid becoming a victim of a crypto rug scam, you need to take several steps to protect yourself.

First, avoid trading tokens on decentralized exchanges unless the official project shares the contract address of the token on its social platforms. Even after that, you should look at the liquidity of the project and see if some wallets are not holding most of the supply, because this is a clear indicator that the project can spill tokens on you anytime you want.

Also, if tokens are listed on centralized exchanges, be sure to read their fundamentals and any changes to the overall supply, as an increase in token supply can significantly impact the price of the token.

All in all, it is extremely important to do your research to avoid getting involved in the next big rug in the crypto world.