59% of crypto tokens launched in 2023 deemed malicious

Blockchain security firm Blockaid reported that 59% of crypto tokens introduced this year were identified as malicious, with 27% linked to rug-pull scams, according to CoinDesk. The rise in nefarious tokens aligns with the growing popularity of memecoins, which now include 10 coins with a market cap exceeding $1 billion. Despite these threats, losses from crypto scams dropped significantly, from $5.6 billion in 2023 to $1.4 billion in 2024. Blockaid’s findings are based on its on-chain detection platform, which analyzed 2.41 billion transactions and 220 million tokens this year.