Web3 sees 15 new scam smart contracts an hour: Solidus Labs
Solidus Labs, which has been monitoring 12 leading blockchains, has detected a majority of scam-like tokens originating from Binance’s BNB Chain.
In just 2 weeks, they detected 188,525 smart contract scams!
Let me guess how many of them are of the yield pool type, employing a suite of crappy constant-product uniswap-like pools. Many such projects just stop because the mathematics is shite and the price of the underlying "utility" token is so close to zero that the fees are higher than any redemption value. However, many others are just designed to be evil.
Dismantling the Rug Pull Epidemic: The Mechanics of DeFi Scams from Solidus Labs blog.
It'll cost you, or it'll cost you.
You can also check free public contract scans at RugDoc.
From Solidus: 12% of all BEP-20 tokens on BSC are scams, as are 8% of ERC-20 tokens on ethereum blockchain.
lmfao - and those are the malicious scams - plenty more stupid scams with garbage tokenomics. However, the latter can be profitable ;-)
One of the websites that uses tools from Solidus Labs: https://tokensniffer.com/
Thanks! I saw that Solidus had bought TokenSniffer, but good to see that a free version of their services is available.