By Km Fazi 
Memecoins have become one of the most profitable yet dangerous sectors in crypto. While projects like Dogecoin and Shiba Inu created legitimate communities and long-term value, thousands of other memecoins were designed with a single purpose: to extract money from retail investors and disappear.
Over the past few years, memecoin rug pulls and scams have cost investors hundreds of millions of dollars. Some collapsed within minutes of launch, while others slowly drained liquidity before vanishing.
In this in-depth guide, we document the biggest memecoin rug pulls and scams in crypto history, using verifiable evidence, on-chain data, and reputable news sources.
What Is a Memecoin Rug Pull?
A rug pull is a crypto scam where developers or insiders intentionally abandon a project after raising funds from investors.
In memecoins, rug pulls usually happen through:
- Removing liquidity from decentralized exchanges
- Dumping large developer-held token allocations
- Deploying malicious smart contracts (honeypots)
- Fake community ownership claims
Once liquidity is removed or tokens are dumped, the price collapses, leaving investors with worthless tokens.
According to industry reports, memecoin rug pulls accounted for over $500 million in losses in 2024 alone, making them one of the most destructive forms of crypto fraud.
Biggest Memecoin Rug Pulls & Scams
Below are some of the most significant and well-documented cases.
NYC Token
Coin Name: NYC Token
Chain: Solana
Date: January 12–13, 2026
Status: Confirmed / Under Investigation
What Happened
NYC Token launched on Solana and quickly gained massive attention after being linked to public figures and social causes. Within hours, the token surged to an estimated $580 million market capitalization.
Shortly after reaching its peak, the price collapsed by more than 80%.
On-chain analysts identified wallets linked to the deployer withdrawing approximately $2.5 million in liquidity, with only part of the funds later returned. The remaining funds were not accounted for, triggering widespread accusations of a rug pull.
Developers claimed the liquidity movement was for “rebalancing,” but blockchain data showed classic rug-pull behavior.
Evidence Links
- Business Insider coverage of the crash and liquidity withdrawal
- The Verge investigation into NYC Token
- Solscan wallet tracking showing liquidity removal
- Twitter/X analysis threads by on-chain analysts
Hawk Tuah (HAWK)
Coin Name: HAWK
Chain: Solana
Date: December 4, 2024
Status: Confirmed (Market collapse and legal action)
What Happened
HAWK was a Solana memecoin promoted using viral internet culture and influencer marketing. The project exploded in popularity, reaching an estimated $500 million valuation in a short time.
Within minutes, large holders dumped massive positions, causing the token to crash by over 90%. Many retail investors were unable to exit due to slippage and liquidity drain.
Multiple lawsuits followed, accusing insiders of executing a coordinated pump-and-dump scheme. While some promoters claimed ignorance, on-chain data showed wallets connected to early insiders selling at the top.
Evidence Links
- Crypto.news coverage of the HAWK collapse
- Halborn breakdown of the Hawk Tuah rug pull
- Solscan transaction history showing insider sells
- Twitter/X community investigations
Froggy Coin (FROGGY)
Coin Name: Froggy
Chain: Solana / Binance Smart Chain
Date: 2024
Status: Confirmed
What Happened
Froggy Coin was marketed as a community-driven memecoin with playful branding and aggressive social media marketing. Shortly after launch, liquidity increased rapidly as retail investors piled in.
Developers then removed liquidity from the pools and disappeared. The token price dropped by over 99%, and official communication channels were abandoned.
Evidence Links
- Crypto.news rug pull reports
- On-chain liquidity removal data
- Twitter/X investor warnings and wallet analysis
DIO Token
Coin Name: DIO
Chain: Ethereum
Date: 2024
Status: Confirmed
What Happened
DIO Token launched with significant liquidity and early hype. Shortly after listing, large wallets accumulated positions, pushing the price upward.
Once retail interest peaked, insiders sold massive token holdings, crashing the price by over 98%. Liquidity dried up immediately afterward.
On-chain analysis showed coordinated selling from wallets that received tokens before public trading began.
Evidence Links
- Ethereum transaction history on Etherscan
- Crypto.news rug pull analysis
- Community wallet tracking threads on Twitter/X
Celebrity & Political Memecoin Scams
Not all scams follow the classic liquidity removal pattern. Some rely on celebrity hype and insider selling, producing similar financial damage.
LIBRA Token (Argentina)
Coin Name: LIBRA
Chain: Ethereum
Date: 2025
Status: Confirmed controversy
LIBRA surged after being associated with political narratives and national branding. Insiders sold large allocations during peak hype, triggering a rapid collapse and legal scrutiny.
Influencer-Driven Launchpad Scams
Several memecoins promoted by influencers or linked to viral personalities collapsed after early wallets dumped tokens. These projects often used launchpads where developers controlled supply and liquidity.
Why Memecoin Rug Pulls Keep Happening
Memecoins remain attractive to scammers for several reasons:
Low Cost and Speed of Launch
Creating a token takes minutes and requires minimal technical skill.
Hype-Based Valuations
Prices are driven by attention rather than fundamentals.
Anonymous Developers
Most rug pull teams remain unidentified and untraceable.
Weak Enforcement
Legal consequences are rare, especially across borders.
How to Spot a Memecoin Rug Pull Early
Before investing in any memecoin, consider the following checks:
- Liquidity is locked or time-released
- Contract ownership is renounced
- Developer wallets hold less than 20% of the supply
- No hidden mint
- Transparent communication and verifiable team
- Healthy holder distribution
- On-chain activity matches public claims
Ignoring these signals dramatically increases rug pull risk.
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Final Thoughts
Memecoin rug pulls are not accidents. They are designed financial traps that exploit hype, speed, and inexperience.
From NYC Token’s liquidity controversy to HAWK’s influencer-driven collapse and classic drains like Froggy Coin, the pattern remains the same: rapid hype, insider advantage, and retail losses.
At memecoin.reviews, our goal is to document these events transparently so investors can make better decisions.
Always do your own research, verify on-chain data, and never invest more than you can afford to lose.