Most Crypto Scams are Happening on This Blockchain – Here’s What You Need to Know
Source: AdobeStock / James Thew Cryptocurrency risk monitoring platform Solidus Labs said that over 10% of tokens showing scam characteristics reside on Binance 's native BNB Chain . Less than 10% is seen on Ethereum (ETH). The research firm announced its real-time, on-chain Threat Intelligence tool on Thursday, saying that it was designed to help anti-money laundering (AML) teams address smart contract scams, which the firm described as "one of [decentralized finance] DeFi and Web3’s biggest challenges". Solidus Labs' AML covers 12 chains, including Ethereum, BNB, and Polygon (MATIC). The company claims that its new risk monitoring technology enables real-time Analysis of smart contract scams, as well as an off -chain view of the current state of crypto scams. What it found is that: 12% of all BEP-20 tokens on BNB Chain exhibit fraudulent characteristics; 8% of all ERC-20 tokens on Ethereum exhibit fraudulent characteristics; 15 newly deploye...