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- 📢 Gate Square #Creator Campaign Phase 2# is officially live!
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Analysis of Rug Pull eyewash in the DeFi field: 188,000 potential projects threaten user asset security
Rug Pull eyewash Analysis: Revealing Common traps in the Decentralized Finance Field
In recent years, Rug Pulls and ( scams have frequently occurred in the cryptocurrency industry, causing significant losses for investors. According to statistics, there are at least 188,000 potential Rug Pull projects on mainstream public chains such as Ethereum and BNB Chain.
Data shows that 12% of BEP-20 tokens on the BNB Chain and 8% of ERC-20 tokens on Ethereum have signs of fraud. Approximately $910 million worth of ETH related to fraud has circulated through centralized exchanges. In October this year, 11 DeFi protocols were attacked, resulting in a loss of $718 million in assets, setting a new record for the highest monthly loss this year.
A large trading platform has become a key target for fraudsters due to its scale and user base advantages. The platform has recognized the issue and integrated risk monitoring tools to detect and alert users to potential risk projects in real time.
Common Tricks of Rug Pull Projects
Rug Pull projects typically embed malicious code in smart contracts, with the main purposes including:
These codes are hidden in the token contract, making it difficult for ordinary investors to detect. Fraudsters will create a liquidity pool on the DEX after deploying the token, generating false trading volume to inflate prices and attract retail investors.
To legitimize the packaging of the project, the fraudster will also:
After attracting enough users to buy in, the fraudster will quickly sell off the tokens and exchange them for other cryptocurrencies, causing the token price to drop to zero.
![Analysis of Rug Pull: Detailed Analysis of Decentralized Finance eyewash trap])https://img-cdn.gateio.im/webp-social/moments-f89967be7b8588e089a084815f1a6b99.webp(
Main Eyewash Types
Rug Pull eyewash mainly has three types:
Honeypot vulnerability: Prevents ordinary users from selling tokens, only allowing developers to sell. A typical case is the Squid Game Token, which lured in $3.36 million using a popular IP before running away. According to statistics, there are approximately 96,008 such projects.
Private Token Creation: Grants specific accounts hidden minting authority, allowing arbitrary token issuance that can lead to a significant drop in value. There are approximately 40,569 such projects.
Balance Modification: Allow specific accounts to modify user token balances, which can be zeroed out to prevent selling.
Summary
Cryptocurrency eyewash methods are constantly evolving, posing significant risks to investors. Investors need to carefully assess project risks, and regulatory agencies should strengthen their crackdown efforts to enhance market transparency and consumer protection levels. Only through collective efforts from the industry can a more trustworthy and secure cryptocurrency ecosystem be fostered.