The Web3 and cryptocurrency space is seeing a significant amount of smart contract scams proliferating, with blockchain risk monitoring firm Solidus Labs saying it has detected on average 15 newly deployed scams every hour.
Solidus Labs said on Oct. 27 that it had been monitoring 12 blockchains including Ethereum, Polygon and BNB Chain since Oct. 10, and in that time, had detected 188,525 smart contract scams.
Former United States Consumer Financial Protection Bureau (CFPB) director, Kathy Kraninger, who is now Solidus’ vice president of regulatory affairs, said in the statement that “while some of the big rug pulls and scams make the news […] the full picture stemming from our data shows the vast majority of these scams go unnoticed.”
The firm also shed some light on the number of tokens that are scams, saying 12% of BEP-20 tokens — the BNB Chain’s token standard — exhibit fraudulent characteristics marking it as the…
