Bitcoin has dropped to $70,800 at the moment, with a potential risk of further losses in altcoins due to disappointing ETF data. Although it's impossible to predict the future, the current trend suggests that downside risks are becoming more apparent. However, this article will focus on a different issue: the increasing number of scam tokens in the market.

The Simplicity of Creating Cryptocurrencies

Creating a cryptocurrency has become relatively easy, with little coding knowledge required. You can even launch your own blockchain network in less than half an hour. This simplicity has led to an increase in scammers, who can easily issue scam tokens to target investors.

A Dangerous Trend on the Solana Network

A recent study by cybersecurity firm Blockaid revealed that scammers are actively targeting investors on the Solana network. This is due to the popularity of legitimate meme coins in February and March, which has provided a fertile ground for scammers.

The study's co-founder, Ido Ben-Natan, stated that scammers exploit the excitement in the Solana network for two main reasons: the pre-sale frenzy and the ease with which they can exploit FOMO (Fear of Missing Out) and lure investors into traps using sophisticated tactics such as mimicking legitimate transactions and creating deceptive websites.

Investors Need to Be Cautious

Investors need to be more skeptical about newly launched tokens that serve no purpose and be aware of the high risk of losing their money. The frenzy on the Solana network has also led to the emergence of aggressive and racist-themed meme coins, which are as dangerous as the scammers.

Centralized Platforms Should Take Action

While decentralized platforms like Uniswap have the right to block such tokens, it's crucial for centralized platforms to filter, list, and delist these tokens as they see fit to protect investors from scams.