Rug pulls may have happened less often so far in 2025, but the financial damage they’re causing has increased dramatically, according to blockchain analytics firm DappRadar. 

Their report shows just seven incidents recorded this year – that’s down 66% compared to 21 rug pulls seen in the same period last year.

But that huge loss figure is staggering – nearly $6 billion compared to just $90 million early last year. And the vast majority of this year’s damage, about 92%, is linked to the Mantra Network project, which faces accusations of pulling off one of the largest rug pulls ever. Mantra’s founders, however, have denied these claims.

What’s Behind 2025’s Massive Rug Pull Losses?

The Mantra Network incident really highlights this costly trend. The project ran on the Polygon blockchain and was listed on DappRadar. It saw a sharp jump in on-chain activity around mid-April, just before the alleged rug pull.

Related: Cardano’s Hoskinson Sparks Controversy Over Meme Coin Rug Pull Incident

During that mid-April period, key metrics like unique active wallets (UAW), transaction count, and volume all increased. According to DappRadar’s data, transaction volume hit almost $800 then, its highest point since December 2023.

This mid-April activity surge stands in contrast to Mantra’s usual pattern. Its activity was typically low, aside from isolated spikes back in December, when volume topped $2,000 and UAW hit about 65, and another spike last June. There was no steady upward trend seen until that burst of activity in mid-April.

How Else Are Rug Pull Scams Changing?

This incident also reflects a shift in where these scams are happening. Data shows that in early 2024, rug pulls were spread more evenly across DeFi, NFT, and memecoin projects. But the incidents recorded in 2025 have focused mainly on the memecoin sector. While this narrows the focus of the threat, the effectiveness of these scams appears higher.

Related: L1 Tokens Post 7,000% Growth in 2024, Led by Mantra, AIOZ, and SUI

And it’s not just the targets changing; the tactics are evolving too. According to the report, scam teams are using better branding and more structured stories, making risks harder to spot early on. DappRadar analysts noted rug pulls are less frequent now, but more damaging and harder to detect.