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More Than Half of Crypto Tokens Debuted in 2024 Were Malicious: Blockaid
As much as $1.4 billion was lost to crypto scams and fraud in 2024, said the security firm.
Updated Dec 19, 2024, 7:45 p.m. Published Dec 19, 2024, 2:00 p.m.
What to know:
- Almost 60% of all new crypto tokens launched in 2024 were malicious, according to Blockaid.
- Still, the amount lost to cryptocurrency scams and fraud fell to $1.4 billion from $5.6 billion last year.
Blockchain security firm Blockaid said a full 59% of crypto tokens introduced this year were "malicious in nature."
The number of nefarious tokens being sold into the open market ties in with the rising memecoin narrative that has been consistent throughout this cycle.
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There are now 10 memecoins with a market cap of $1 billion or greater and this relative success has led to copycat tokens being launched on Ethereum, Base and Solana among other chains.
Rug-pull scams remain a prevalent threat, making up 27% of malicious tokens, Blockaid said.
It's worth noting, however, that the amount lost to cryptocurrency hacks and scams shrank dramatically. The FBI said that in 2023, $5.6 billion was lost to crypto scams, while this year the total is $1.4 billion, according to Blockaid's report.
Blockaid's data 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.
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- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Nasdaq, home of Coinbase, Strategy stocks, seeks 23-hour trading amid investor demand
Crypto's 24/7 trading has influenced investor expectations, with Nasdaq acknowledging that many of its clients are already active overnight.
Lo que debes saber:
- Nasdaq plans to expand stock and exchange-traded product trading to 23 hours a day, five days a week, according to a filing.
- The move follows similar initiatives by the New York Stock Exchange and reflects growing global demand for extended market access.
- Always-on cryptocurrency trading has influenced investor expectations, with Nasdaq acknowledging that many of its clients are already active overnight.
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