Detecting Scam Tokens and Backdoor Functions in EVM Based Networks

The blockchain ecosystem is currently becoming an intricate landscape given the large number of attacks, scams, and hacks that occur. With such risk surrounding Blockchain DApps and users, we propose a method to help in the earlier detection of scam tokens. While blockchain technology continues to grow in multiple industries, the proliferation of fraudulent activities in the decentralized ecosystem has become a significant threat to the well-being and trustworthiness of the whole ecosystem. This scam tokens are deployed in plain sight in decentralized networks and listed in platforms such as CoinMarketCap and other token issuance platforms. In this paper, we identify over 1450 unreported scam tokens, 167 different backdoor functions, and 1428 malicious contract creators. By increasing the collaboration between industry stakeholders and web3 companies, our scam tokens dataset and detection tools can help in web3 threat detection while creating a more secure and resilient blockchain environment, fostering trust and innovation in the decentralized space.