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Losses from crypto rug pulls outpaced DeFi exploits in May: Beosin

Published 06/02/2023, 02:00 AM
Updated 06/03/2023, 03:40 AM

The amount of cryptocurrency lost to “rug pull” or “exit scams” — where founders suddenly up and leave with investors’ money — had outpaced the amount stolen from decentralized finance (DeFi) projects in May, a blockchain security firm has revealed.

A June 1 report from Beosin said May losses from rug pulls and scams reached over $45 million across six incidents.

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