😭The Problem

Let’s start with the problem we’re trying to solve…

In crypto, scams are rife. And, they are especially rampant in the newly launched projects category. Here’s some crazy stats for you…

More than $2.8B was stolen from “rug pulls” in 2021, reported by CNBC.

And, last year (2022), it was even worse…

“A new report from blockchain risk monitoring firm Solidus Labs shows that fraudsters deployed over 117,000 scam tokens from Jan. 1 to Dec. 1, 2022, a 41% increase over the full 2021.” — Yahoo Finance.

It goes on to say: “The study also revealed that 8% of all Ethereum tokens are programmed to execute rug pulls, while 12% of all BNB Chain tokens are alleged to be scams.”

Furthermore, it says: “Almost 2 million investors have lost funds to rug pull tokens.” 🤯

It’s safe to say the problem is a big one, and PROOF aims to be part of the solution to reducing this stat in 2023 and beyond.