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Most Crypto Scams are Happening on This Blockchain – Here’s What You Need to Know

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Source: AdobeStock/James Thew

Cryptocurrency risk monitoring platform Solidus Laboratories Said to have more than 10% of tokens exhibiting fraud characteristics binancenative of BNB chainLess than 10% seen Ethereum (ETH).

research company announced Thursday’s real-time on-chain threat intelligence tool is designed to help anti-money laundering (AML) teams combat smart contract fraud, it said. [decentralized finance] DeFi When Web3is the biggest challenge of

Solidus Labs AML is Ethereum, BNB, and Polygon (MATIC)The company claims its new risk monitoring technology will allow for real-time analysis of smart contract fraud and an off-chain view of the current state of crypto fraud.

As a result, we found the following:

  • 12% of all BEP-20 tokens on the BNB chain exhibit fraudulent characteristics.
  • 8% of all ERC-20 tokens on Ethereum exhibit fraudulent characteristics.
  • Solidus Threat Intelligence detects an average of 15 newly deployed scams every hour.
  • As of October 10, 188,525 smart contract fraud cases have been detected across the 12 blockchains covered.

According to that press release,

“According to data released by Solidus, new pre-programmed tokens for fraudulent users are created every four minutes on average, and illicit funds from these scams frequently flow through central crypto exchanges. It may be washed by

We found a lower bound estimate of today’s value of fraud-related ETH flowing through centralized and/or regulated exchanges is $910 million.

Scam token smart contracts are cryptocurrencies hardcoded to steal investor funds. Not only are these deployed automatically, but they are also easily repeatable, so that “a string of fraudsters can be used without raising red flags among regulated exchanges, regulators, and law enforcement agencies.” We can quickly launch thousands of small-value attacks,” the company said.

Smart contract fraud is part of a “growing list of crypto-native market abuse typologies.” Others include lag pulls, phishing attacks, and token spoofing.

Kathy Cranninger, Solidus’ vice president of regulatory affairs, was quoted as saying:

“While some big rugs have been pulled and the scam is in the news, like the famous scam, squid game token It is estimated that users lost about $3 million in funds due to this, but the big picture from our data shows that these scams are largely overlooked. “

Solidus Said A report released Thursday said the data showed more than 188,000 lagpulls were deployed on Ethereum, the BNB chain, and other blockchains, which is “much higher than previous estimates.” says.

Source: Solidus Labs

on the other hand, reporta blockchain security company CertiKfound that ragpull, a type of theft that occurs when crypto project owners flee with funds raised from investors, is dominating Web3’s world-based scams and exploits this August. , the overall number still July.

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learn more:
$160 million ragpull? – Crypto Staking Platform Freeway Suspends Withdrawals Due To “Unprecedented Volatility”
GameFi Lag Pull and Exchange Accidentally Shut Down – Beware of Crypto Risks

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