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Highlights
- Queen Elizabeth II to died on 8 September.
- Illicit market players have taken the opportunity to launch several scam tokens such as Queen Elizabeth Inu, God Save The Queen, Rip Queen Elizabeth etc.
- The biggest scam of the year so far was the Nomad Bridge US$190 million hack, which took place on 1 August.
Even as the world mourns Queen II, Britain's longest-reigning monarch, few of the illicit market players of the crypto industry are trying to make the most of the situation by launching tokens in her name.
Soon after the news broke, illicit market players took advantage of the situation to launch several scam tokens on Ethereum and Binance's BNB Chain blockchain. Tokens such as Queen Elizabeth Inu, God Save The Queen, Rip Queen Elizabeth etc., have come into existence in the past 24 hours. Despite the bearish market situation, such tokens have forced several investors to invest in such scam tokens.
In fact, Queen Elizabeth II and God Save the Queen have been raking in big numbers in the past 24 hours. While Queen Elizabeth II was witnessing a gain of over 48,713%, God Save the Queen has been up over 3042%, according to DexScreener.
Not just tokens, in fact, Queen Death has also seen the launch of a fraudulent NFT collection -- Queen Elizabeth 69 Years NFT. The so-called NFT is said to be a collection that caused a major ripple in the market with many crypto enthusiasts.
Crypto scams down in 2022
This comes amid a fall in crypto scams this year. In fact, 2022 has witnessed a slowdown in crypto scams, largely driven by the bearish market and the exit of inexperienced investors. The crypto market hasn't managed to get the momentum that it had enjoyed in the previous years.
In fact, ever since the Terra collapse, the overall market cap hasn't got the momentum to match its previous managed highs of 2021. This may be one of the reasons market participants exit resulting in the number of crypto-related scams coming down by 65%, according to research firm Chainalysis. Even from the revenue point of view, it has witnessed a drop. However, crypto-based hacking has increased by 58.3% through July 2022 to $1.9 billion.
So far, the biggest scam of the year happens to be the Nomad Bridge US$190 million hack, which took place on 1 August.
Conclusion
Crypto vultures are always on the lookout to reel innocent investors into their net. Therefore, one must be on their guard and do their research before making critical investment decisions.
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