Since Bitcoin launched, crypto scams have grown extra
frequent and complicated. They now transcend fundamental phishing or giveaways, involving
even well-known corporations in fraud like rug pulls.
UPay reviewed 236 main crypto rip-off instances, revealing losses
exceeding 60 billion {dollars}, although this probably underestimates the overall
harm. The most important single loss was 40 billion {dollars} from the Luna Yield
collapse. The commonest rip-off varieties recognized embody 112 instances of fraudulent
buying and selling platforms, 46 romance scams, 39 pig butchering schemes, 29 rug pulls,
and 28 Ponzi schemes.
Romance and Pig Butchering Scams
The report highlights a number of frequent rip-off strategies. Pig
butchering and romance scams contain constructing pretend relationships to lure
victims into pretend crypto platforms with inflated balances. Victims could make
small withdrawals initially however are later blocked and pressured to pay pretend
charges. One sufferer misplaced over 500,000 {dollars} after believing her account had
grown to 1.2 million {dollars}.
Model Impersonation and Faux Buying and selling Platforms
Faux platform and model impersonation scams use lookalike
web sites and pretend help to imitate trusted corporations like NYMEX or Coinbase. A
California man misplaced 650,000 {dollars} after being proven a pretend 10 million greenback
stability by a scammer posing as a dealer.
The darkest secret of the digital age? It is referred to as “Pig Butchering.” This is not only a romance rip-off or a crypto funding fraud. It is a calculated psychological long-con the place tens of billions are siphoned, leaving victims too ashamed to talk. 1/3 👇 pic.twitter.com/PfDHjsDkUq
— Tom Wright (@TomWrightAsia) July 30, 2025
Faux Income with Hidden Charges
Withdrawal traps present pretend earnings however require victims to
pay charges like taxes earlier than withdrawing. One sufferer misplaced 2.9 million {dollars}
after being requested for a 1.5 million greenback tax charge; one other misplaced 1.5 million
{dollars} in related pretend charges.
Chances are you’ll discover it attention-grabbing at FinanceMagnates.com: SEC
Targets “Pig Butchering” and Romance Scams Resulting in “Goodbye to Your Cash”
Impersonated Advisors
Impersonated advisors or merchants use pretend commerce screenshots
to achieve belief and persuade victims to share pockets particulars or open accounts.
One man misplaced 92,000 {dollars} after scammers confirmed a pretend 200,000 greenback stability
and demanded an 87,000 greenback tax charge.
Faux DeFi Platforms
Faux DeFi platforms mimic actual ones, exhibiting pretend earnings to
encourage reinvestment however demand giant danger deposits or penalties when
withdrawing. One sufferer misplaced 400,000 {dollars} after paying a 300,000 greenback danger
deposit and 100,000 greenback penalty.
Rug Pulls: Disappearing with Tens of millions
Rug pulls contain builders selling crypto or NFT
initiatives, elevating funds via token gross sales earlier than disappearing. The report
recorded 31 rug pulls with losses over 100 million {dollars}. The Bored Bunny NFT
venture raised 21.1 million {dollars} earlier than its crew vanished.
This text was written by Tareq Sikder at www.financemagnates.com.