Rug pulls account for over half of new crypto scams

Rug pulls account for more than 54% of new cryptocurrency scams, making them the biggest threat, according to on-chain security platform Web3 Antivirus. The platform reported that other common fraud types include honeypots, where tokens can be bought but not sold, fake tokens, and fraudulent airdrops. It warned that many scam projects disguise themselves as legitimate before draining their liquidity, noting that it has recently detected nearly 4 million fraudulent contracts. Web3 Antivirus also highlighted that AI technology is increasingly being used to create sophisticated phishing emails and fake websites to perpetrate these scams.