According to some analysis, crypto scammers have been increasing their fake meme coin launches for the past two months. Cryptocurrency detective ZachXBT has uncovered a link between 114 meme coin scams in the past 1.5 months. Here are the details…
Scammer released 114 fake meme coins in 45 days
According to research by ZachXBT, who is seen as a blockchain “detective”, one address in particular has launched “114 memecoin scams” in the last 45 days alone. Every coin stolen from the scams was sent to the same address, 0x739c58807B99Cb274f6FD96B10194202b8EefB47 Interestingly, the wallet address appears to belong to Coinbase. Twitter user Lucrafund also did some research, revealing that the “criminal mastermind” sent some of the stolen funds to Coinbase. Thus, he shared a screenshot showing that he essentially gave away important personal information.
ZachXBT was asked why the address in question has not yet been flagged by Coinbase. In response, ZachXBT suggested that funds may be difficult to detect as they are often sent in “smaller amounts.” Also, in response to a comment, ZachXBT said, “I suspect there’s more. These are just the ones sent to that deposit address,” he added. Currently, the scammer or scammers are using “replacement wallets”. Also, the independent Blockchain detective pointed out that the scammer in question used multiple wallets to split the funds. Therefore, he was unable to calculate a financial figure of how much the alleged fraudulent activity brought in.
Cryptocurrency scams do not slow down
On April 27, Twitter user CoinGurruu also posted a similar tweet highlighting the scam wallet address 0xCc16D5E53C1890B2802d5441d23639CAc6cd646F, which allegedly “started 2-5 meme coin rug pull every day for almost 2 years.” On the other hand, recently, Twitter user NazareAmarga or Gabriel Marques allegedly launched a fake-looking meme coin aimed at deceiving the owners of the legitimate Nakamigos NFT project.
cryptocoin.com As we reported, meme coins are crypto tokens inspired by and built on popular internet jokes or memes, but often do not offer significant utility or future use cases. Over the past month, the cryptocurrency market has seen a significant recovery as BTC, ETH, and many other altcoins show steady growth. This has led to the rise of meme coins, with Pepe the Frog (PEPE) and AIdoge being the two most popular names right now.
According to analysts, investors rushing to invest in meme coins and NFTs may shy away from blockchain projects with long-term development value. Investors may overlook initiatives that could revolutionize industries such as finance, healthcare, and supply chain management, while chasing quick profits. However, the founders of meme coins and NFTs expressed that they see them as a natural part of the development of the cryptocurrency.
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