Extra Than Half of Crypto Tokens, Memecoins Launched in 2024 Have been Malicious: Blockaid

EMBARGOED UNTIL 19 DECEMBER 2024 @ 9:00 AM ET

Blockchain safety agency Blockaid mentioned a full 59% of crypto tokens launched this yr have been “malicious in nature.”

The variety of nefarious tokens being offered into the open market ties in with the rising memecoin narrative that has been constant all through this cycle.

There at the moment are 10 memecoins with a market cap of $1 billion or higher and this relative success has led to copycat tokens being launched on Ethereum, Base and Solana amongst different chains.

Rug-pull scams stay a prevalent risk, making up 27% of malicious tokens, Blockaid mentioned.

It is price noting, nonetheless, that the quantity misplaced to cryptocurrency hacks and scams shrank dramatically. The FBI mentioned that in 2023, $5.6 billion was lost to crypto scams, whereas this yr the whole is $1.four billion, in accordance with Blockaid’s report.

Blockaid’s knowledge 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.