Solidus Labs Detected The Majority Of Scam From The BNB Chain

According to Solidus Labs, a blockchain risk monitoring organization, 15 new frauds are discovered every hour.

Solidus Labs said on October 27 that it has been monitoring 12 blockchains, including Ethereum, Polygon, and BNB Chain, since October 10 and had spotted 188,525 smart contract frauds.

Former US Consumer Financial Protection Bureau director Kathy Kraninger, now Solidus’ vice president of regulatory affairs, stated that while some of the big rug pulls and scams make the news… the full picture, based on our data, shows that the vast majority of these scams go unnoticed.

The company also revealed the number of fake tokens, claiming that 12% of BEP-20 tokens display fraudulent features, making it the blockchain with the most cryptocurrency frauds.

According to the business, Ethereum’s native ERC-20 token standard came in second, with 8% of the blockchains’ tokens displaying scam-like traits. It was also predicted that $910 million in Ether-related fraud proceeds had flowed via centralized and regulated exchanges.

According to Solidus, these scam token smart contracts are hard-wired to steal investors’ funds and fit in with other abusive practices such as rug pulls, in which the developer steals the invested funds, and token impersonations, which aim to trick people into investing by imitating popular cryptocurrency.

It stated that these contracts are automatically deployed and readily reproduced, with scammers able to swiftly conduct thousands of low-value assaults with no knowledge of exchanges, regulators, or authorities.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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