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DeFi Has Become Crypto Crime’s Main Arena, Crystal Blockchain Says

Another surging kind of crypto crime are the so-called rug pulls, in which a project’s founders either run away with users’ money or dump the token they created on the community. Rug pulls became the most popular kind of fraud in 2022, Crystal said. Out of 36 cases of fraud, 34 were associated with rug pulls, mostly on Binance Smart Chain (BSC), a blockchain network run by the major global centralized exchange, Binance. 23 rug pulls out of 34 happened on BSC, Crystal said.