According to the Planet Daily, Blockfence security researchers found that since April 2023, criminals have created more than 1,300 scam crypto tokens and stolen $32 million from more than 42,000 victims. These tokens are usually similar to companies or projects that have not yet announced or launched tokens. Scammers use fake trading volumes to lure traders. If enough legitimate funds flow in, the scammers will cash out the tokens and repeat the process.