Top 5 Biggest Crypto Rug Pulls of 2024 and How to Stay Safe

Scams in the crypto world are becoming common as blockchain is rapidly gaining global adoption. While there are many types of scams which can include phishing (a scam where attackers deceive people into revealing sensitive information or installing malware such as viruses, worms, etc.), Ponzi schemes, and others, a popular type includes crypto rug pulls. In this article, we will discuss some of the biggest crypto rug pulls, specifically the top 5 biggest crypto rug pulls of 2024, and list some ways to stay safe from future scams in the crypto world.

2024 saw a surge in cryptocurrency rug pulls, leaving investors reeling from substantial losses. Here are the top 5 biggest crypto rug pulls of 2024, followed by tips on how to stay safe from future scams in the crypto world.

1. DIO token pump-and-dump:

Accusations arose against Jump Trading for orchestrating a pump-and-dump scheme involving the Decimated (DIO) token, which was initially intended for a Fracture Labs gaming project.

To stabilize the launch on HTX (formerly Huobi), the developer loaned Jump millions of DIO tokens. However, after engaging influencers to promote the token, Jump liquidated its entire holdings at the peak price, leading to a sharp decline as the token's value plummeted.

The DIO tokens were later returned to Fracture Labs when Jump repurchased them at a quarter of their peak value, thus depreciating their worth.

At the time of writing, the DIO token is trading at $0.007276, down 98.8% from its all-time high of $0.5879.

2. Froggy coin rug pull:

Another coin that made it to the list of biggest rug pulls of 2024 is the Froggy (FROGGY) coin.

FROGGY coin's rug pull in early 2024 showcased a classic decentralized finance (DeFi) scam. FROGGY coin was touted as a meme token that catered to social media users. Its humorous branding and promises of quick profits lured numerous investors. On platforms like X and Reddit, developers hyped the token by presenting it as a community-driven initiative with strong support.

First investors funded the liquidity pool, which helped increase the FROGGY token's value and legitimacy. Once the developers decided enough money had been raised, they swiftly drained the liquidity and crashed the token's value.

At the time of writing, the FROGGY token is trading at $0.0000000073964, down 99.95% from its all-time high of $0.00001577.

3. The Hawk Tuah rug pull:

On December 4, 2024, social media personality Hailey Welch introduced Hawk Tuah (HAWK), her meme coin, into the world of crypto. Within 20 minutes of its debut, the cryptocurrency's value crashed from $500 million to $60 million.

The failed launch sparked a massive backlash from the online community and legal authorities. U.S. law firm Burwick Law reportedly filed a federal lawsuit against Hailey Welch and three other individuals behind the lackluster HAWK meme coin.

At the time of writing, the HAWK token is trading at $0.0006404, down 71% from its all-time high of $0.0022413.

4. Sharpei Solana meme coin rug pull:

Sharpei (SHAR), a cartoonish depiction of a Shar Pei dog, was launched in October 2024. Thanks to a push from the social platform's X influencers, sometimes called "key opinion leaders" or KOLs, it quickly reached a $54 million market valuation.

As the project hit its peak, its presentation deck leaked, revealing that its developers had onboarded "50+ tier 1 KOLs" and planned collaborations with exchanges and other ventures. The document named several influencers who denied any involvement in the effort.

Bonk key contributors Kadense and Nom disputed the leaked deck's claim that SHAR would forge a strategic alliance with popular meme coin BONK after reaching a $100 million market cap. Meanwhile, Joji, a pseudonymous influencer with over 200,000 followers, was also linked to the project. The influencer, however, refuted this accusation, posting a screenshot of Telegram conversations that allegedly declined a collaboration.

During this time, SHAR's market cap dropped from $54 million to $35.5 million. This apparently alarmed some insiders, because after a large, planned sell-off, the token crashed 96.3% to a market cap of $1.3 million in less than two seconds.

At the time of writing, the SHAR token is trading about 25% below its all-time high of $0.001314.

5. GUNIT hack and rug pull:

Rapper 50 Cent, whose real name is Curtis James Jackson III, alleged that his website and X account were hacked to promote a fake cryptocurrency coin called "GUNIT." Hackers used his massive fan base to inflate the token's value before it crashed to $0.00016.

While the actual trade volume was $