CertiK: Crypto Exit Scams Reduced By 62% In September

Blockchain security firm CertiK recently stated that the number of crypto exit scams in September was less than half of those reported in August 2023. In September, CertiK Alert identified 17 crypto exit scams, as compared to 45 the month before. This represented a significant drop of over 62% in exit scams month-over-month.

According to data gathered by CertiK, the average loss per exit scam in September was $111,000. This was the lowest average loss per exit scam in 2023. September also accounted for the lowest number of exit scams recorded in a single month so far this year. The total losses to exit scams last month was an estimated $1.9 million.

A crypto exit scam usually involves promoters or founders of a crypto project who disappear with the investors’ money following an initial coin offering (ICO). A crypto project by the name of DUO was the top exit scam of September 2023, fleeing with over $352,000 of investors’ money. Next in line was Memans VIP ($264,000) followed by DKP ($204,670), and BitGo ($194,688).

CertiK Alert also issued warnings against several fake crypto airdrops earlier today. This included a fake ArchimedesFi airdrop and a fake Tip Coin airdrop, both promoted on social media websites like X (formerly Twitter). The websites for these airdrops reportedly connect users to a known wallet drainer that reportedly steals users’ crypto assets.

Data from CoinMarketCap showed that the TIP token associated with Tipcoin lost more than 14% of its value over the past 24 hours. At the time of writing, the token was trading at $0.00024, with a daily trading volume of over $1.3 million.