TechFlow, April 18 — According to Cointelegraph citing DappRadar research, the number of crypto rug pulls in 2025 declined by 66% year-on-year, dropping from 21 incidents in early 2024 to just 7 so far this year. However, the Web3 ecosystem has already lost nearly $6 billion due to rug pulls since the beginning of 2025, with 92% stemming from the collapse of Mantra's OM token (which the project denies was a rug pull). In comparison, losses during the same period in 2024 amounted to only $90 million.
DappRadar analyst Sara Gherghelas noted that unlike the first quarter of 2024, when rug pulls primarily occurred in decentralized finance protocols, non-fungible token projects, and meme coins, 2025's incidents have been concentrated mainly in the meme coin space. She emphasized that although the frequency of rug pulls has decreased, their impact is more destructive and the fraudulent schemes more sophisticated, often orchestrated by teams with carefully crafted branding and comprehensive narratives.
