Scam Tokens Deployed In 2022 Up 41% From 2021

A recent study shows that there were more than 117,000 scam tokens deployed from January to December 1 in 2022, a 41 percent increase over all of 2021. The report says 2022 could be one of the worst years in the history of the blockchain industry. Data tracker CoinMarketCap tracks more than 22,000 cryptocurrencies, but many of the existing tokens do not meet the website’s listing guidelines. According to the study, 8 percent of all Ethereum tokens were programmed to perform rug-pull scam patterns, as well as 12 percent of all BNB chain tokens were alleged to be scams. Currently, there are two types of scams that have been found. One is called “soft rug pull,” where scammers promote their tokens by posting misleading marketing websites and roadmaps, announcing fake partnerships, or using bots to create trading activity to steal investors’ money. Another type of scam is called a “hard rug pull,” in which scammers program their tokens to steal from investors. The number of rug pull climbed to at least 262 this year, more than five times the number in 2021. Nearly 2 million investors have lost money due to rug pulls. The nature of currency is an exchange between human productivity. Regulation of digital currencies around the world will only get stricter, and those tokens that are used for scam purposes must be sanctioned severely.

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