Report: Crypto Investors Could Lose Over $500 Million to Meme Coin Fraud and Scams by 2024

Odaily News According to a report by crypto intelligence platform Merkle Science, more than $500 million was lost in 2024 due to Meme coin crashes and scams.
Among them, the most common scams involve social engineering, a technique that relies on imitation and manipulation to obtain someone's personal data. In this case, the victim is usually a celebrity or a well-known technical figure. Merkle Science's report revealed that 75% of the attacks occurred on the X platform and 19% on YouTube. 44% of the reported social engineering scams led to the plunge of Meme coins, and phishing attacks were also considered to be the cause of 44% of all scams. (Coindesk)