Ethereum Leads as One of the Most Impacted Blockchains by Cryptocurrency Scams

Ethereum Tops the List of Blockchains Most Affected by Crypto Scams

A recent report has revealed that Ethereum has been the most impacted blockchain when it comes to crypto scams in the past year. The analysis, conducted by Smart Betting Guide using the REKT database, shows that Ethereum has suffered losses of £576.6 million due to scams. This figure is more than 605% higher than the average for other blockchains. The report identifies access control exploits as the primary type of scam targeting Ethereum users.

The Ranking of Blockchains Affected by Crypto Scams

In addition to Ethereum, other blockchains have also experienced significant losses due to scams. The Bitcoin Blockchain ranks second with over £209 million stolen, followed by Polygon with over £98 million. Centralized, Cardano, and Binance round out the top five. Each blockchain has been targeted by different types of scams, such as access control exploits and rug pull exit scams.

Further down the list are Arbitrum, Avax, Optimism, and Heco with losses ranging from £6 million to £63 million. The report also highlights the top five biggest crypto scams in terms of funds lost. Access control exploits took first place with over £665 million lost, followed by rug pull scams and oracle issues.

Tips to Avoid Falling into Scam Traps

As cryptocurrency scams continue to rise alongside their popularity, it’s crucial to be aware of warning signs and protect yourself from falling victim. Zigmas Pekarskas, CEO of Smart Betting Guide, advises against sharing personal information unless you’re certain about its security and being cautious about offers that seem too good to be true. It’s also important to understand how cryptocurrencies and blockchains work to identify any suspicious activity.

Approval phishing is another scam to watch out for, where scammers build trust with their victims before carrying out fraudulent transactions. Eric Jardine, Cybercrime Research Lead at Chainalysis, suggests that the crypto sector should focus on educating users to protect them from scams and theft.