What to know:
- Almost 60% of all new crypto tokens launched in 2024 were malicious, according to Blockaid.
- Still, the amount lost to cryptocurrency scams and fraud fell to $1.4 billion from $5.6 billion last year.
As a seasoned crypto investor with a few battle scars to show for it, this latest report from Blockaid leaves me both concerned and amused. The staggering 59% of malicious tokens launched this year is a stark reminder that the wild west of cryptocurrency isn’t for the faint-hearted.
EMBARGOED UNTIL 19 DECEMBER 2024 @ 9:00 AM ET
According to blockchain security company Blockaid, approximately 59% of the newly launched cryptocurrencies this year are malicious or designed with harmful intentions.
The increasing number of suspicious cryptocurrencies being traded on open markets aligns with the persistent storyline about meme coins, which has remained a significant topic during this market phase.
Currently, there are ten meme-based cryptocurrencies that have a market capitalization of one billion dollars or more, which has inspired the creation of similar tokens across platforms such as Ethereum, Binance Smart Chain (Base), and Solana, along with others.
Rug-pull scams remain a prevalent threat, making up 27% of malicious tokens, Blockaid said.
It’s significant to mention that the money lost through cryptocurrency hacks and frauds has significantly decreased. As per the FBI, in 2023, a total of $5.6 billion was stolen, but this year, it’s been reported by Blockaid that the amount stands at only $1.4 billion.
2024 saw Blockaid’s data being gathered via a transaction processing, on-chain detection, and response system (ODR platform), handling approximately 2.41 billion transactions, 780 million interactions with decentralized applications (dapps), and 220 million distinct tokens.
Read More
- FARTCOIN PREDICTION. FARTCOIN cryptocurrency
- SUI PREDICTION. SUI cryptocurrency
- Excitement Brews in the Last Epoch Community: What Players Are Looking Forward To
- The Renegades Who Made A Woman Under the Influence
- RIF PREDICTION. RIF cryptocurrency
- Smite 2: Should Crowd Control for Damage Dealers Be Reduced?
- Is This Promotional Stand from Suicide Squad Worth Keeping? Reddit Weighs In!
- Epic Showdown: Persona vs Capcom – Fan Art Brings the Characters to Life
- Persona Music Showdown: Mass Destruction vs. Take Over – The Great Debate!
- “Irritating” Pokemon TCG Pocket mechanic is turning players off the game
2024-12-19 17:13