In another worrying development, the leading blockchain security firm, Peckshield, revealed examining more than 50 potentially dubious projects on BINANCE Smart Chain (BSC).
Potential on Binance Smart Chain.
Rug removals were common in the crypto space in 2021. In this kind of scam, developers of a defi project abandon it unexpectedly and siphon it with user funds. Binance Smart Chain has been one of the hardest-hit paraded platforms that has attracted numerous malicious actors since its inception.
In the final development, peckshield revealed detection of more than 50 tokens with "carpet-potentials" on bsc. the blockchain security company alerted the community that administrators behind the mentioned tokens may potentially mint unlimited tokens, restrict users from selling parts and even blacklist all accounts.
the tokens at risk, as mentioned on peckshield’s list, are operated by anonymous teams, and the firm has deemed all the projects as “medium” in terms of severity.
#scam peckshield has detected 50+ tokens with rug-potentials. the community may want to be aware before interacting:
· admin can mint unlimited tokens
· admin can restrict token selling
· admin can blacklist any account@bsc_daily #bsc here is the list:https://t.co/6mbp2hx6hm pic.twitter.com/fyjamaps7h
— peckshieldalert (@peckshieldalert) january 13, 2022
Carpet Pulls in 2021, What's Next?
The monumental year of 2021 saw the rugs pulled become one of the most used scams of choice. according to a report by the blockchain firm, chainalysis, these rug pulls accounted for 37% of all scam revenue last year compared to only 1% in 2020.
There are two primary reasons why carpet sweaters have become so common. One was the initial hype surrounding the defied space and the subsequent fomo. Next, the technical skills required to develop tokens and have them listed on exchanges, many of which were done without proper analysis of the smart contract code by a third party.
But this trend could not continue into 2022. In the future, chainalysis believes that crypto crimes may decrease as law enforcement's ability to fight these scams evolves. it recently stated that increased legitimate crypto usage is “far outpacing the growth of criminal usage.”
In fact, the company noted that the share of unlawful activities in the volume of crypto transactions has never been lower. His report on the same revealed that 'crime is an increasingly smaller part of the cryptocurrency ecosystem.'
The team also mentioned that a positive development against these crimes is the "growing ability of law enforcement to seize illegally obtained cryptocurrency." For example, the IRS Criminal Investigation seized more than 3.5 billion dollars in cryptocurrency in 2021.