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The Web3 and cryptocurrency space has seen a surge in mass smart contract fraud, with blockchain risk monitoring firm Solidus Labs saying it is detecting an average of 15 newly deployed frauds every hour. I’m here.
Solidus Laboratories Said Since October 10, it has monitored 12 blockchains, including Ethereum (ETH), Polygon (MATIC), and BNB Chain (BNB), and detected 188,525 smart contract fraud cases during that time.
Kathy Kraninger, former Director of the US Consumer Financial Protection Bureau (CFPB) and current Vice President of Regulatory Affairs at Solidus, said in a statement: […] The big picture from our data shows that most of these scams go unnoticed.
The company also sheds light on the number of tokens that are fraudulent, with 12% of BEP-20 tokens (the token standard for BNB chains) exhibiting fraudulent characteristics, making it the blockchain with the most cryptocurrency fraud. is shown.
Ethereums native ERC-20 token standard came in second with 8% of blockchain tokens exhibiting fraud-like characteristics, according to the company. We also estimate that approximately $910 million worth of his ETH related to the scam passed through a centralized and regulated exchange.
According to Solidus, these so-called “scam token smart contracts” are built to steal investor funds, with the goal of lag-pulling developers to steal funds invested, or tricking people into investing. It conforms to other abusive practices, such as token spoofing. popular cryptocurrency.
These types of contracts are automatically deployed and easily repeated, allowing fraudsters to quickly complete thousands of low-value attacks against exchanges, regulators and authorities. said.
Related: Google Still Promotes Crypto Phishing Sites, Warns Binance Boss
It’s not just cryptocurrency scams that investors need to watch out for, hacking is also on the rise, with October likely to be the biggest month ever for cryptocurrency hacking activity, according to analytics firm Chainalysis. I have.
Kim Grauer, research director at Chainalysis, said in an interview with Cointelegraph that the amount of value stolen in cryptocurrency hacks will hit a record high in 2022, mostly targeting decentralized finance (DeFi). He said he expects to record it.
The Web3 and cryptocurrency space has seen a surge in mass smart contract fraud, with blockchain risk monitoring firm Solidus Labs saying it is detecting an average of 15 newly deployed frauds every hour. I’m here.
