Definition ∞ An on-chain scam is a fraudulent scheme executed directly on a blockchain network, leveraging its transparent and immutable nature for malicious purposes. These scams often involve deceptive smart contracts, fake token offerings, or sophisticated phishing attacks that manipulate users into sending funds to attacker-controlled addresses. Unlike off-chain scams, the evidence of the fraudulent activity is permanently recorded on the public ledger. Victims typically lose digital assets without recourse.
Context ∞ On-chain scams are regularly reported in cryptocurrency news, serving as cautionary tales and prompting warnings about due diligence and security practices. The analysis of these scams by blockchain forensics firms often provides valuable insights into attacker tactics and network vulnerabilities. Regulatory bodies and industry participants work to educate users and develop tools to identify and prevent such fraudulent activities.
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