Solidus Labs Says It Detected 15 Newly Opened Scams An Hour

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In almost three weeks, Solidus Labs recorded 188,525 smart contract scams through 12 blockchains.

Solidus Labs, a crypto-native risk monitoring and market surveillance company, has reportedly detected 15 newly deployed scams every hour.

The data was unveiled in Solidus Labs’ press release, announcing the launch of a real-time on-chain Threat Intelligence tool. According to the press release, the new program is designed to help anti-money laundering (AML) teams fight smart contract scams.

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The data shared alongside the press release revealed the magnitude of unnoticed smart contract scams. From October 10th, Solidus Labs monitored 12 blockchains, including Ethereum, Polygon, and BNB Chain, and recorded 188,525 smart contract scams.

When talking about its new tool, Solidus’ Vice President of Regulatory Affairs, Kathy Kraninger, highlighted that this program gives companies the necessary tools to fight against smart contract scams. Kraninger added:

Providing this level of transparency is a major step in assessing the true magnitude of crypto scams and market manipulation – which allows the industry and regulators to prevent consumer harm and ultimately raise market integrity and consumer protection standards.

The company also unveiled how many tokens can be considered scams. According to Solidus Labs, 12% of all BEP-20 tokens on the BNB Chain demonstrate fraudulent characteristics.

The second in line was the Ethereum blockchain, with 8% of all ERC-20 tokens exhibiting fraudulent characteristics. Moreover, the company added that around $910M worth of Ethereum (ETH) “flowed through centralized and/or regulated exchanges.”

Therefore, the new tool aims to help cut these numbers significantly. In the press release, Solidus’ founder and Chief Executive, Asaf Meir, noted:

HALO Threat Intelligence is a major step toward de-risking DeFi. We’re delighted to provide this Web3 AML solution and the unprecedented level of transparency and proactiveness it enables, as the crypto industry continues and expands its effort to combat smart contract scams.

It is worth noting that crypto scams are not the only thing crypto investors have to keep an eye on. According to the data shared by Chainalysis, October was the biggest month ever for crypto hacking activity.