Crypto Rugpulls wiped out nearly $6 billion in the first quarter of 2025, up 6,500% from just $90 million the previous year, data shows.
According to a new Dappradar report, the Web3 project lost nearly $6 billion to Rugpulls since the beginning of 2025.
As pointed out by Sara Gherghelas, blockchain analyst at Dappradar, a single case accounts for the majority of the damage. This is because 92% of the amount described as “one of the biggest personal frauds ever recorded” is “related to mantra incidents.”
Mantra On-Chain Activities | Source: Dappradar
Despite the financial sacrifices, ragpal is less common. Dappradar discovered that “seven (incidents) have been reported so far” in 2025 compared to 21 in 2025.
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The mantra network case shows how misleading signals are visually hidden, Gherghelas said, adding that the unique active wallet platform’s all-time high “was only 64 recorded in December 2024.”
“Outside of that short spike, daily wallet interactions are consistently in the range of 1-11, with multiple days showing total zero. This lack of consistent user engagement indicates low traction.
Sarah Gaszcheras
Gherghelas said the transaction data raised concerns one day as they added that “66 transactions were registered” and “often the activity was returned to zero.” Irregular patterns may point out that “inorganic engagement – common signs of manipulated dap may be manipulated.”
read more: Trump developers remove $4.6 million from liquidity pool, raising rug concerns
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