Gather around, readers. Let me tell you a tale of rug pulls and scams for 2022. According to Solidus Labs, there was an estimated 350 scam tokens/rug pulls created on a daily basis since January 2022 to December 1st, which equates to 117,629 scams for the year so far. This is a 41% jump over 2021 where 83,400 token scams were deployed. The report also claims that BNB Chain has the greatest number of scam tokens, with 12% of all BEP-20 tokens being fraudulent. In second place is Ethereum, with 8% of all ERC-20 tokens beings scams.

One piece of advice to those who are new to the crypto game…ALWAYS DO YOUR OWN RESEARCH. If it’s too good to be true, then it probably is! Use tools such as CoinGecko to understand if the token you’re interested in is truly a scam or not. Also, Google is your best friend, as there are countless articles highlighting how one can tell rug pulls from legit tokens!

Written by: nikethereum.eth / Medium / Mirror