Which blockchains are the most prone to cryptocurrency scams?

The research firm claims that the majority of digital currency fraud is taking place on China's Binance Chain.

Solidus Labs, a cryptocurrency risk monitoring platform, has released shocking details about the rise of cryptocurrency scams. According to the team, at least 12% of all BEP-20 tokens (tokens based on Binance China) exhibit fraudulent properties. Meanwhile, only 8% of ERC-20 tokens created on the Ethereum blockchain platform are related to fraud.

Since Binance China is a public blockchain and does not require permission, experts say it is easier for fraudsters to launch fake tokens on the network. Another important point is that when tokens are created on the Binance China network platform, fraudsters can use the Binance name in their partner list to deceive users.

(According to the Solidus team, an average of 15 new cryptocurrency scams are launched every hour on various blockchains). Recent research results are in line with Dogecoin co-founder Billy Marcus' statement that 95% of all cryptocurrencies are scams.

Unfortunately, most of these scams go unreported, but the ones that are identified and reported show how fraudsters are stealing hundreds of millions of dollars through cryptocurrencies.