Deep Dive into BSC Cryptocurrency Scams

During the 2021 cryptocurrency bull market, the Binance Smart Chain (BSC) was flooded with various scams. The author analyzes multiple cases, exposing common tactics employed by scammers, including: creating smart contracts that make tokens unsaleable; manipulating approval functions to fail transactions or approve for minuscule amounts; setting adjustable transaction fees, eventually to 100%; falsely claiming ownership renunciation or liquidity locking; and using deceptive marketing. These scams preyed on the lack of knowledge among many new investors, successfully defrauding significant funds. The article concludes with a warning against seeking financial advice from social media platforms like Reddit.