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More Than Half of Crypto Tokens Debuted in 2024 Were Malicious: Blockaid
As much as $1.4 billion was lost to crypto scams and fraud in 2024, said the security firm.
What to know:
- Almost 60% of all new crypto tokens launched in 2024 were malicious, according to Blockaid.
- Still, the amount lost to cryptocurrency scams and fraud fell to $1.4 billion from $5.6 billion last year.
Blockchain security firm Blockaid said a full 59% of crypto tokens introduced this year were "malicious in nature."
The number of nefarious tokens being sold into the open market ties in with the rising memecoin narrative that has been consistent throughout this cycle.
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There are now 10 memecoins with a market cap of $1 billion or greater and this relative success has led to copycat tokens being launched on Ethereum, Base and Solana among other chains.
Rug-pull scams remain a prevalent threat, making up 27% of malicious tokens, Blockaid said.
It's worth noting, however, that the amount lost to cryptocurrency hacks and scams shrank dramatically. The FBI said that in 2023, $5.6 billion was lost to crypto scams, while this year the total is $1.4 billion, according to Blockaid's report.
Blockaid's data stems from an on-chain detection and response (ODR) platform that processed 2.41 billion transactions, 780 million dapp connections, and 220 million tokens in 2024.
Oliver Knight
Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.
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