Fintech risk monitoring company Solidus Labs recently conducted research into the crypto scams carried out so far in 2022. Solidus Labs further launched a crypto assessment tool that aims to track real-time information about new crypto projects that show signs of potentially being a scam. The on-chain Threat Intelligence Tool (TIT) was introduced on October 27th, 2022.
According to the study, an approximate 20% more crypto scams have taken place in 2022 than in the entirety of 2021, and Solidus Labs’ data indicates that rug pulls make up the majority of fraudulent activity in the space. The crypto security company went on to disclose which blockchains play host to the highest percentage of such shady projects.
The most shocking revelation was Solidus’ claim that they identify 15 new crypto scams every hour across the 12 major platforms. Moreover, the majority of these rug pulls, scams, and phishing websites often go unnoticed, unreported, and unsolved.
Social media has long played a key part in the crypto crime scene, with constant Twitter security breaches enabling bad actors to use verified accounts to push their fraudulent tokens and phishing schemes. In combination with the alleged prevalence of bots on these sites, social media serves as the perfect breeding ground for fraudlent activity.
In related news, Friday 28th marks the finalization of Elon Musk’s acquisition of Twitter. The $44B deal has officially been completed, and the world’s richest man and Tesla (NASDAQ:TSLA) CEO has changed his profile description to “Chief Twit”.
Binance CEO Changpeng Zhao contributed $500 million to Musk’s acquisition deal, thereby becoming a Co-Owner of the micro blogging company. The Binance chief was modest about the development, calling Binance “small potatoes”.
2022 is on course to go down as the most active year for fraud so far in the history of crypto. Analyzing these cases could be crucial in preventing future rug pulls.
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Source: Cryptocurrency - investing.com
