Blockfence: Over 1,300 crypto scams have stolen $32 million since April

According to security researchers at Blockfence, since April 2023, more than 1,300 fraudulent cryptocurrencies have been created, stealing $32 million from over 42,000 victims. The operation is more or less automated, with the created tokens typically resembling those of companies or projects that have not yet announced or launched their tokens. They then lure traders with false trading volumes. If enough legitimate funds flow in, the scammers (assuming there is more than one) cash out the tokens and repeat the process.