Summary
Report from The Defiant on DappRadar data showing the crypto industry in early 2025 has seen fewer but far larger rugpulls than 2024. Losses total nearly $6 billion year-to-date, with ~$5.5B (92%) attributed to the Mantra OM token collapse — a 90%+ price crash in minutes. The number of rugpulls fell 66% (from 21 to 7 incidents) but value lost is up 6,499%.
Key Points
- Near $6B lost to rugpulls in early 2025; $5.5B tied to Mantra OM token.
- 66% fewer rugpull incidents vs. early 2024 (7 vs. 21).
- 6,499% increase in value lost year-over-year ($6B vs. $90M).
- Mantra OM token: Layer-1 blockchain for tokenized real-world assets (RWAs). Price collapsed 90%+ on April 13, 2025 — from $5.50 to $0.35 in minutes.
- Mantra CEO John Mullin announced token buyback program and supply burns to stabilize price.
- DappRadar: “fewer but more sophisticated scams” replacing high-frequency small-scale attacks.
Newsletter Angles
- The concentration of losses (92% in one event) suggests the threat model has shifted: rather than thousands of small retail victims, sophisticated actors are setting up plausible-looking Layer-1 projects and engineering single large exits.
- Real-world asset tokenization as a rugpull vector: Mantra was positioned in the “legitimate” RWA narrative, demonstrating that even the most credible-sounding crypto sub-sectors can be engineered for fraud.
- The 6,499% increase in scale vs. 66% decrease in frequency — this is how organized crime scales: professionalize, reduce operational noise, maximize per-incident take.
Concepts Mentioned
- Tokenomics — rugpull mechanics depend on token supply concentration and liquidity design
- DePIN — Mantra was marketed as a real-world asset tokenization platform (adjacent to DePIN thesis)
Quotes
“Since the beginning of the year, nearly $6 billion has been lost to rugpulls across the web3 ecosystem.”
“This shift underscores an evolving risk landscape where fewer but more sophisticated scams are arising.”
Notes
DappRadar data via The Defiant (credible crypto media outlet). The Mantra OM event is the dominant data point; the broader trend conclusion (fewer/larger) is based on small sample sizes (7 vs. 21 incidents).