Not long ago, we released a beta version of Trust Army, a Web3 search platform that helps detect cryptocurrency fraud.
The platform, created by Hacken.AI, has already investigated 560 blockchain projects in just 98 days and received 5,296 user reports during that time.
This is a project specifically created to improve the credibility of the Web3 sector, collecting authoritative information about various blockchain projects and identifying the best tokennomics, which backers are credible and which allocations are It consists of a research platform that emphasizes transparency.
It also offers those interested in the cryptocurrency sector the opportunity to contribute to its transparency by earning rewards for their efforts.
The work of the Trust Army is based on investigative missions that produce reports and consist of finding information about the quality of the crypto projects inspected in each mission.
First 100 results
At the end of April Infographic One of the first 100 projects surveyed has been published.
The infographic shows that 17% of surveyed projects hide their white papers and a further 34% hide their tokennomics.
Additionally, only half of the projects surveyed had their smart contracts audited.
These aren’t particularly good numbers, but they aren’t terribly bad either. In fact, 50% of his crypto projects have questionable smart contracts, while the other half are audited, even without statistics on the quality of auditors.
Another piece of data that isn’t particularly good, but certainly not that bad, is the token centralization data.
About a third of the projects surveyed have more than 1% of their total token supply concentrated in their addresses, and 39% have more than 10% of their total token supply concentrated in fewer than three addresses. increase. Again, all in all, these numbers aren’t too bad, but they’re certainly not very good.
Conclusion on Cryptocurrency Scams
Given this data, the Hacken.AI team claims: blockchain Projects have not always prioritized transparency and security, with a high percentage of the token supply going to just a few holders.
This has unpredictable implications for the sustainability and future of these projects.
Moreover, these results demonstrate the fundamental importance of analyzing and monitoring Web3 projects, as the percentage of suspect projects is by no means important.
Basically, we can say that there are too many, if not necessarily the majority, projects of a dubious nature, but there are still quite a few projects that seem somewhat more transparent and secure, especially from an absolute point of view. I’m here.
In other words, there are a lot of crypto projects out there and a good percentage of them are of dubious nature, so it’s not hard to spot genuine crypto scams.
On the other hand, there seem to be many projects that at least appear to be transparent and secure, which means the field is more active than ever.
This hacking project also has its own token called HAI.
This is an Ethereum token launched months before the last major bull market began.
The current $0.026 is 94% lower than the November 2021 all-time high of $0.470, but still significantly higher than the $0.011 just before the bull market began.
So a token that was heavily impacted by the 2021 bubble, but was able to maintain and increase its value over time, barring the bubble.
For example, the 2022 bear market low was in June, when it fell to $0.012, above the level just before the bull market began. Since then, it has followed the trend of the ETH price to some extent.
It started 2023 at $0.015, up 25% from its 2022 low, and has already climbed another 73% since then. It’s worth noting that the price climbed to $0.048 in February this year, still far from the high, but definitely above the low.
Unfortunately, scams are common in the cryptocurrency world as many scammers know how to take advantage of common people’s weaknesses to extort money.
Your best defense in this case is information, and a platform that helps you collect and distribute good information about information is especially helpful.
The problem is that the general public is often unmotivated to analyze, research and research, sticking to a superficial approach and becoming easy prey for scammers.
In addition to this, desires often block vision, making it easy to see why they are easy prey for scammers.
Additionally, cryptocurrency scams are often so obvious that all you need to spot them is a little more objectivity, rationality, and insight, along with the right information of course.