The Web3 sector reached an unfortunate milestone recently, though it's not exactly unfamiliar territory. As of September 4, 2023, the industry crossed the $1 billion mark in terms of value lost to exit scams, exploits, and hacks.
CertiK analysts have been closely monitoring a scammer known as "Faint" since late 2022. This individual has been linked to numerous Discord compromises and phishing activities on both Ethereum and Solana.
More than $1 billion was lost to crypto scams since the beginning of 2021. Many of these are initiated on social media platforms. Read on to learn more about the most common types of scams and how to avoid falling victim to them.