Over 1300 Scam Tokens Created Since April 2023, Defrauding Victims of $32 Million

According to Foresight News, Blockfence security researchers have reported that since April 2023, criminals have created over 1300 scam tokens, obtaining approximately $32 million from more than 42,000 victims. These operations are mostly automated, with the created tokens often resembling those of companies or projects that have not yet announced or launched their tokens. Fake trading volumes are then introduced to lure traders. Although the token contracts may appear to have multiple security measures in place, scammers can still arbitrarily burn the tokens held by token holders, create an unlimited number of tokens for themselves, and forge the maximum supply of tokens.