{"id":69247,"date":"2022-10-28T16:40:27","date_gmt":"2022-10-28T13:40:27","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=69247"},"modified":"2025-09-07T18:49:53","modified_gmt":"2025-09-07T15:49:53","slug":"experts-tally-up-to-15-smart-contract-frauds-per-hour","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/experts-tally-up-to-15-smart-contract-frauds-per-hour\/","title":{"rendered":"Experts tally up to 15 smart-contract frauds per hour"},"content":{"rendered":"<p>Across 12 leading blockchains, an average of 15 malicious smart contracts are created per hour. A new token programmed for fraud appears roughly every four minutes, according to Solidus Labs researchers.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Today we\u2019re thrilled to unveil Solidus Threat Intelligence: a powerful, first-of-its-kind Web3 AML tool.<\/p>\n<p>Read the press release: <a href=\"https:\/\/t.co\/5hUW9MGt2U\">https:\/\/t.co\/5hUW9MGt2U<\/a><\/p>\n<p>1\/<\/p>\n<p>\u2014 Solidus Labs (@Solidus_Labs) <a href=\"https:\/\/twitter.com\/Solidus_Labs\/status\/1585631071718498307?ref_src=twsrc%5Etfw\">October 27, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The blockchain-risk monitoring firm unveiled a new on-chain tool in its Threat Intelligence suite. The solution is designed to aid anti-money-laundering (AML) efforts and, in real time, proactively address one of DeFi and Web3\u2019s major problems: smart-contract fraud.<\/p>\n<p>Solidus Labs&#8217; experts, using Web3 AML, conducted a retrospective analysis across 12 tracked blockchains, including Ethereum, Polygon and BNB Chain. They found as of October 10:<\/p>\n<ul class=\"wp-block-list\">\n<li>a total of 188,525 malicious smart-contract operations (an average of 15 new per hour);<\/li>\n<li>fraud indicators in 12% of BEP-20 tokens on the BNB Chain and 8% of ERC-20 coins on Ethereum;<\/li>\n<li>A conservative estimate puts the value of ETH tied to frauds that have passed through centralized, regulated exchanges at $910 million.<\/li>\n<\/ul>\n<p>The smart contracts of fraudulent tokens can be deployed automatically and easily replicated, Solidus noted. This enables serial scammers to carry out thousands of attacks with small sums that remain &#8216;below the radar&#8217; for trading platforms, regulators, and law enforcement.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Although some of the major scams and frauds make the news, such as the famous token <a href=\"https:\/\/forklog.com\/en\/news\/analysts-quantify-investors-losses-from-the-squid-game-token\">Squid Game<\/a>, which, according to estimates, cost users about $3 million in losses, the full picture we have shows that the vast majority of these scams go undetected,&#8221; said Katie Craninger, Solidus&#8217;s vice president of regulatory affairs.<\/p>\n<\/blockquote>\n<p>In developing the solution, the company combined its own know-how with smart-contract scanning capabilities and on-chain and off-chain data sets. The latest technology was enhanced by the acquisition of Token Sniffer, Solidus noted.<\/p>\n<p>In May, the company closed a Series B funding round worth <a href=\"https:\/\/forklog.com\/en\/news\/solidus-labs-raises-45-million-from-liberty-city-ventures\">$45 million<\/a>.<\/p>\n<p>Earlier, Solidus raised <a href=\"https:\/\/forklog.com\/en\/news\/solidus-labs-raises-20-million-from-ftx-nydig-and-other-investors\">$20 million<\/a> and <a href=\"https:\/\/forklog.com\/en\/news\/solidus-labs-secures-15-million-in-strategic-investment\">$15 million<\/a> in Series A and strategic financing rounds, respectively.<\/p>\n<p>Read ForkLog&#8217;s Bitcoin news in our <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Across 12 leading blockchains, an average of 15 malicious smart contracts are created per hour. A new token programmed for fraud appears roughly every four minutes, according to Solidus Labs.<\/p>\n","protected":false},"author":1,"featured_media":69248,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1154,54],"class_list":["post-69247","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-crimes","tag-smart-contracts"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/69247","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=69247"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/69247\/revisions"}],"predecessor-version":[{"id":69249,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/69247\/revisions\/69249"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/69248"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=69247"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=69247"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=69247"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}