The amount is a nearly half of April's $101.5 million loss, suggesting better security practices among users and developers. However, no funds were recovered in May 2023 – compared to $2.2 million recovered in April.
Other notable cases included Tornado Cash, Mother, WSB Coin, Linda Yaccarino, Block Forest, SNOOKER, and land, with losses ranging from $145,000 to $733,000. A “rug pull” is a colloquial term for a type of crypto scam that typically see the developer, or developers, gain legitimacy on social media, hype up a project and raise a significant sum of money only to drain liquidity after that project’s tokens are first offered to the public.
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