Solidus Labs, a company that monitors market manipulation, has shared the results of a study, regarding cryptocurrency fraud. According to the latest data, the total number of such incidents exceeded 180,000. The most frequent cases were recorded on the BNB Chain blockchain.
One of the main schemes is the procedure for obtaining liquidity. Back in 2020, 1,541 cases were recorded, and the total number exceeded 82,000 in 2021. In 2022, about 100,000 frauds are already noted.
Getting income through the withdrawal of liquidity - these are organized projects by scammers, which were created specifically to attract funds from investors. They are presented as legitimate projects, attract assets and bring their token to decentralized exchanges. As soon as the required number of their coins is bought, the creators of the scheme sell their own reserves, which, in turn, collapses the rate and practically devalues the token. Thus, investors suffer losses.
However, there is a variety of these machinations. So, there are projects in which scammers prohibit the sale of tokens, bought by investors. This creates the appearance of an active price increase. This scheme could be seen in the example of the SQUID project. In addition, there are schemes that allow you to hide the balance of the developers of the token and the hidden functions of issuing new tokens.
Thus, analysts have formed their point of view, which says that BNB Chain is the most popular blockchain for scammers. It is noted that about 12% of the total volume of tokens are fraudulent. For example, the Ethereum network has 8% of such projects. On the Polygon blockchain, this share is 1.2%. Generally speaking, about 15 fraudulent projects appear on the networks every hourс.
Earlier it was reported that the Binance exchange, operating in the BNB Chain network, is aimed at cooperation and support of European startup blockchain projects.
