BSC Scams Drops in Q3, but Rug Pulls Still a Major Concern

[coingabbarmarket]

Scams on BNB Smart Chain Drop 75% in Q3 despite rug pull concerns
Scams on BNB Smart Chain (BSC) dropped from $55.4 million in Q2 2023 to $13.6 million in Q3. A 75% decrease, as per an AvengerDAO report with contributions from HashDit. The decline is attributed to improved awareness, better security products, and community vigilance.

However, rug pulls still counted for 67% of Q3 losses. Hackers exploited poorly designed smart contracts, and BSC's lower fees and recognised lower security make it attractive to malicious actors.

[Fivestar4everMVP]

Well, one thing certain is that as long as we are online and money is involved, there will always be scammers and fraudsters, Being a big fan of binance smart chain myself, I am happy to read this report of the drop in scam reports on the BSC chain, but permit me to say that this means absolutely nothing.

Scam didn't drop because some of the scammers were busted and sent to jail, but like you said, it only reduced because previous victims, and maybe non victims who have learnt a lesson or two from victims, have learnt to be careful and conscious of where they invest their money and what contract they interact with..

This is not something to start jubilating over, but rather, encourage people to continue to be careful, because, in reality, the scammers are still there in their good numbers, only thing is, people started paying attention to the safety of their funds online.

[damsix]

This is not something to start jubilating over, but rather, encourage people to continue to be careful,

The difference between fraudsters and hackers is the same because I see that nowadays times are getting more sophisticated.
In the past, before there was the internet, fraud was face to face but now fraud is anonymous in cyberspace. This is very complicated.
As is the case with various Binance Smart Chain tokens that were created by developers and after being listed on the market the price dropped drastically, then the developers also ran away somewhere.

I have also experienced losses of up to 0.5 BNB for the previous BNB rate of around 50 USD (total loss was around 25 USD).
I joined a consortium or joint venture to buy tokens from the Binance Smart Chain Blockchain, namely BEAT tokens.
After the IDO was completed, the developer did not immediately add LP to Pancake and instead provided a photo of the donation to a school in his area and until now there has been no further news.
Even contacts that can be contacted no longer exist, such as websites, Telegram, social media, etc., they have been closed.

NB : be carefully with IDO,ICO,IEO , we should learn more for cryptocurrency.

[NikeFit_7777]

There is indeed a huge amount of scammers in BSC. And to this day when sending real cryptocurrency (to other addresses) the same cryptocurrency comes lightning fast, only fraudulent. And how many times when issuing x-cryptocurrency they created a similar one with a different contract, which confused users.  I try not to use this network unnecessarily + if I use it, I create several wallets to reduce the number of spam attacks by bots. On the positive side: minimal commissions, no delays, constant updates and availability in every crypto wallet.

P.S. I don't know about others, but as for me, the number of scammers has not decreased, but on the contrary, increased several times. It is everyone's choice to use this network. I only tried to minimally express my point of view. 

[sampoerna]

This is nothing new, in fact it often happens on the Ethereum or ERC20 platform. because it is everyone's freedom to create their own tokens on the network and then market them. And if people's response is good, then they will do whatever it takes to sell their tokens and become known to more people.

There are lots of rug pulls and scam tokens on BSC or other types of networks, because there are lots of opportunities there. In fact, many people can easily be fooled by things like that. just with promotions, hype and new news on social media and they immediately believe it, until they become victims.

[aiviaa485]

This is not something to start jubilating over, but rather, encourage people to continue to be careful,

I have also experienced losses of up to 0.5 BNB for the previous BNB rate of around 50 USD (total loss was around 25 USD).

First, I would like to express my condolences to your lost assets worth 0.5 BNB, I'm sure it's very sad.
But everything has happened, hopefully you won't experience the same disaster like that in the future and make it a valuable experience for you so you don't get caught in a trap again.

Can you tell us how you were able to join a consortium like that?
Was there no prior start for analysis or checking that the project had a bad rating?
I also noticed that investing in an ICO like that with a consortium type whose capital is 0.5 BNB is very expensive, why don't you try it first with small capital, for example 0.1 BNB.

[jonathancool220]

This is nothing new, in fact it often happens on the Ethereum or ERC20 platform. because it is everyone's freedom to create their own tokens on the network and then market them.

Ah, yes, that's right, I just remembered and it's very upsetting, there are lots of tokens on the Ethereum network, namely the ERC20 token type, that ended tragically.
Many hundreds, thousands, tens of thousands, even hundreds of thousands of ERC20 tokens are created which are useless and unable to compete with newly created coins.
This anxiety makes me more afraid to buy tokens from the Ethereum (ETH) and Binance Smart Chain (BSC) networks because in my experience I have seen so many tokens end in failure.

I still remember the DECENT (DCT) coin  from the Ethereum network with the ERC20 token type, the first time it was listed it was very good and entered the top 15 Coinmarketcap, but now look at Coinmarketcap, the value of the coin it no longer exists, the information about the DECENT (DCT) coin is no longer complete and this allows us to judge that tokens on Binance Smart Chain (BSC) could become like that, I, you and they have to be more careful in choosing tokens on Binance Smart Chain ( BSC).

[bitterguy28]

Scams on BNB Smart Chain Drop 75% in Q3 despite rug pull concerns
Scams on BNB Smart Chain (BSC) dropped from $55.4 million in Q2 2023 to $13.6 million in Q3. A 75% decrease, as per an AvengerDAO report with contributions from HashDit. The decline is attributed to improved awareness, better security products, and community vigilance.

However, rug pulls still counted for 67% of Q3 losses. Hackers exploited poorly designed smart contracts, and BSC's lower fees and recognised lower security make it attractive to malicious actors.

Scammers are everywhere , they will try to victimized everywhere and since Binance chain is one of the biggest  chain now then this will be their target and have been running even in their main platform .
but it is good to hear that the drops of scams are getting higher meaning that there is a serious action from the involving site that works now.
remember that we are just a sheeps in the eye of scammers and hackers so try not to be the best victim.

[vegasus]

Unfortunately, we cannot avoid this 100% because after all, not only BSC but other networks free everyone to be able to create tokens on the blockchain. Not only BSC but also others such as ERC20 are also the same, very vulnerable to various types of scams or rugpull projects because it is easy to create these tokens. It's easy to create these tokens, but developing and maintaining and improving them to continue being in the market is what's difficult.

So that's why we as humans should think more intelligently and also be alert to various new projects that promise many things or projects that are good to be true. and we have to be careful. If we want to invest in this then we really have to analyze it well. Don't just because the promises are very high, we will easily believe them. it's better to avoid tokens like this.

[Captain Corporate]

I believe that we are going to see some sort of improvement when people get a lot more used to it. I believe that we are going to end up with more "new" scams, but the old ones will get lesser and lesser, which will be quite awesome for all of us. In that situation I believe that we are going to end up with a lot less money lost as well, and all those "new" ways of scamming will become old too, so they will need to come up with something even newer constantly because people get smart about it after a while. I believe the bull run will definitely see some new big scams, but after a while I am sure that it is going to be fine, its not going to really end up being a trouble.

[kent47400]

Rugpull cannot be separated from the word "project" because the project in various coins blockchains is usually always there.
There are rugpulls slowly and there are rugpulls directly when listing coins, maybe a day, a week, a month or even a year new rugpull occurs.
Not only in Blockchain Binance Smart Chain (BSC), in various coin networks are also the same, especially in the Ethereum network that has the type of ERC20 token, that's a lot of Rugpull.

[TopT3ns]

Rugpull cannot be separated from the word "project" because the project in various coins blockchains is usually always there.
There are rugpulls slowly and there are rugpulls directly when listing coins, maybe a day, a week, a month or even a year new rugpull occurs.
Not only in Blockchain Binance Smart Chain (BSC), in various coin networks are also the same, especially in the Ethereum network that has the type of ERC20 token, that's a lot of Rugpull.

From the statement you gave, it shows that no one can guarantee that cryptocurrency price movements will always be safe. If the time comes, the price will collapse instantly, and usually this happens when there is bad news, such as the developer or founder leaving the project, or also when the price of Bitcoin collapses. then it will have an impact on all projects on any token network, regardless of type.

[kent47400]

From the statement you gave, it shows that no one can guarantee that cryptocurrency price movements will always be safe. If the time comes, the price will collapse instantly, and usually this happens when there is bad news, such as the developer or founder leaving the project, or also when the price of Bitcoin collapses. then it will have an impact on all projects on any token network, regardless of type.

Yeps, that's right what you said.
But the most frightening is when we go in buying Altcoins on the Binance Smart Chain (BSC) network then the Dev runs away for various reasons, this is called a real scam.
It is very scary if I know the word "Dev Run Away" and this is a trauma to me because I used to be in that position when he followed ICO at Dex from the Binance Smart Chain (BSC) network.

For bad news from the usual channel or from Bitcoin Dump it is not too much of a problem, because the most problem is the occurrence of "Dev Run Away".

[TopT3ns]

Yeps, that's right what you said.
But the most frightening is when we go in buying Altcoins on the Binance Smart Chain (BSC) network then the Dev runs away for various reasons, this is called a real scam.
It is very scary if I know the word "Dev Run Away" and this is a trauma to me because I used to be in that position when he followed ICO at Dex from the Binance Smart Chain (BSC) network.

For bad news from the usual channel or from Bitcoin Dump it is not too much of a problem, because the most problem is the occurrence of "Dev Run Away".

It is normal when you see some tokens from the BSC network running away with all the money from investors, therefore, when you want to participate in a new project on the BSC network, you have to be careful, maybe you can use the Binance exchange to participate in Launchpad which is often held by the Binance exchange.