More than Half of Cryptocurrencies and Memecoins Launched in 2024 Were Malicious: Blockaid

Blockchain security company, Blockaid, said that 59% of crypto tokens floated this year were “malicious in nature.”

The number of tokens being sold on the open market correlates with the bullish memecoin narrative that has been consistent throughout this cycle.

There are now 10 memecoins with a market cap of $1 billion or more, and this relative success has led to the launch of tokens on Ethereum, Base, and Solana, among other chains.

Blockaid said scams remain a prevalent threat, making up 27% of malicious code.

However, it should be noted that the amount lost due to crypto-related hacks and scams has reduced significantly. The FBI said that in 2023, It lost $5.6 billion for cryptocurrency scams, while the total this year reached $1.4 billion, according to a Blockaid report.

Blockaid’s data stems from its on-chain detection and response (ODR) platform that processed 2.41 billion transactions, 780 million dapp connections, and 220 million tokens in 2024.