The latest Peckshield data revealed more than 50 dubious projects on the Binance Smart Chain as bad actors creating worthless tokens continued to bring more mess and impede adoption as we can see more in today’s latest cryptocurrency news today.

In another concerning development, the blockchain security company Peckshield revealed looking into another 50 dubious projects on the Binance smart Chain. The rug pulls happened so often during 2021 and in this kind of scam, the developers of defi projects abandon it and drain the users’ funds. Binance Smart Chain was one of the most badly hit platforms which lured plenty of malicious actors since its inception.

In the latest development, Peckshield revealed detecting more than 50 tokens with rug-potentials ont the Binance Smart Chain, and the latest Peckshield data shows that they alerted the community that the admins behind the tokens can mint unlimited tokens and restrict users from selling the coins even blacklist the accounts. The tokens at risk are operated by anonymous teams and the company deemed the projects as a medium in terms of severity. In 2021, we witnessed plenty of rug pulls and they became one of the most utilized scams of choice. According to Chainalysis, these rug pulls accounted for 37% of the scam revenue a year ago compared to the 1% in 2020.

There are two major reasons why rug pulls are so common. One was the hype around the Defi space and the FOMO. The technical skills required to develop these tokens and get them listed on exchanges were done without a right analysis of the smart contract’s code by a third party. This trend could not continue in 2022. Chainalysis think that crypto-related crimes could decline as law enforcement’s ability to fight off the scams evolves. It also stated that the increased legitimate crypto usage is outpacing the growth of criminal usage.

Rug Pulls Are The Go-To, scams, revenue, chainalysis

The company noted that illicit activity’s share of crypto transactions volume has not been lower. In the report on the same, it revealed that crime is getting smaller and smaller as a part of the crypto ecosystem. The team also mentioned that one positive development against the crime growth is the ability of law enforcement to seize the illicitly obtained crypto. IRS Criminal Investigation even seized more than $3.5 billion worth of crypto in 2021.

Source: dcforecasts.com

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