Web3 sees 15 new fraudulent smart contracts per hour: Solidus Labs
Solidus Labs, which monitors 12 leading blockchains, detected a majority of fraudulent tokens originating from Binance's BNB chain.
New
The Web3 and cryptocurrency space are seeing a significant amount of smart contract scams proliferate, with blockchain risk monitoring firm Solidus Labs claiming to detect an average of 15 newly deployed scams every hour.
Solidus Labs said on Oct. 27 that it has been monitoring 12 blockchains, including Ethereum, Polygon, and BNB Chain since Oct. 10, and has detected 188,525 smart contract scams during that time.
>Former director of the U.S. Consumer Financial Protection Bureau (CFPB), Kathy Kraninger, who is now Solidus' vice president of regulatory affairs, said in the statement that "while some of the big scams and scams are in the news [.. .] the full picture from our data shows that the vast majority of these scams go unnoticed.”
The company also shed light on the number of tokens that are scams, claiming that 12% of BEP-20 tokens - the BNB chain's token standard - have fraudulent characteristics, making it the blockchain with most cryptocurrency scams.
Ethereum's ERC-20 native token standard came second, with 8% of blockchain tokens exhibiting scam characteristics, according to the company. He also estimated that approximately $910 million worth of scam-related Ether (ETH) passed through centralized, regulated exchanges.
Solidus said that these so-called “fraudulent token smart contracts” a...
Solidus Labs, which monitors 12 leading blockchains, detected a majority of fraudulent tokens originating from Binance's BNB chain.
New
The Web3 and cryptocurrency space are seeing a significant amount of smart contract scams proliferate, with blockchain risk monitoring firm Solidus Labs claiming to detect an average of 15 newly deployed scams every hour.
Solidus Labs said on Oct. 27 that it has been monitoring 12 blockchains, including Ethereum, Polygon, and BNB Chain since Oct. 10, and has detected 188,525 smart contract scams during that time.
>Former director of the U.S. Consumer Financial Protection Bureau (CFPB), Kathy Kraninger, who is now Solidus' vice president of regulatory affairs, said in the statement that "while some of the big scams and scams are in the news [.. .] the full picture from our data shows that the vast majority of these scams go unnoticed.”
The company also shed light on the number of tokens that are scams, claiming that 12% of BEP-20 tokens - the BNB chain's token standard - have fraudulent characteristics, making it the blockchain with most cryptocurrency scams.
Ethereum's ERC-20 native token standard came second, with 8% of blockchain tokens exhibiting scam characteristics, according to the company. He also estimated that approximately $910 million worth of scam-related Ether (ETH) passed through centralized, regulated exchanges.
Solidus said that these so-called “fraudulent token smart contracts” a...
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