Blockfence: Since April last year, over 1,300 cryptocurrency scams have stolen a total of $32 million

ChainCatcher news, according to The Block, Blockfence security researchers have reported that since April 2023, criminals have created over 1,300 scam tokens, obtaining approximately $32 million from more than 42,000 victims. This operation is mostly automated, and the created tokens often resemble those of companies or projects that have not yet announced or launched their tokens, subsequently introducing false trading volumes to deceive traders. Although the token contracts appear to have multiple security measures, in reality, scammers can still arbitrarily burn the tokens of holders, create unlimited tokens for themselves, and forge the maximum supply of the tokens.