Blockchain security firm Blockaid reports that 59% of the crypto tokens introduced this year were “malicious in nature.” This correlates with the increasing memecoin trend throughout this cycle. Currently, there are 10 memecoins with a market cap of $1 billion or more, leading to copycat tokens being launched on Ethereum, Base, and Solana among other chains.
Rug-pull scams make up 27% of malicious tokens, according to Blockaid. However, the amount lost to cryptocurrency hacks and scams has significantly decreased. In 2023, $5.6 billion was lost to crypto scams, while this year the total is $1.4 billion. Blockaid’s data is derived 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.
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