• December 5, 2023


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Solidus Labs: There Are 15 Smart Contract Scams Per Hour

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According to blockchain risk monitoring company Solidus Labs, on average, 15 malicious smart contracts are created per hour on the crypto market in 12 leading blockchains. Approximately every four minutes, a new fraud-programmed token appears.

The firm has introduced a new on-chain tool from the Threat Intelligence line which has been designed to help fight money laundering (AML) and proactively address one of the big problems of DeFi and Web3, smart contract fraud, in real time.

Solidus Labs experts have conducted a retrospective analysis using Web3 AML on 12 monitored blockchains, including Ethereum, Polygon and BNB Chain.

They found as of October 10 a total of 188,525 fraudulent transactions with smart contracts (average 15 new per hour), signs of a scam in 12% of BEP-20 tokens on the BNB network and 8% of ERC-20 coins on Ethereum as well as $910 million was a conservative estimate of the value of fraud-related ETH that passed through centralized regulated exchanges.