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
One address in particular has launched “114 memecoin scams” in just the last 45 days, according to research by ZachXBT, who is seen as a blockchain “detective.” Every money stolen from the scams went to the same address, 0x739c58807B99Cb274f6FD96B10194202b8EefB47. Interestingly, the wallet address appears to belong to Coinbase. Twitter user Lucrafund also revealed that he is doing some research. The user revealed that the “criminal mastermind” sent some of the stolen funds to his Coinbase address. Thus, he shared a screenshot showing that he essentially gave away important personal information.
Over the past 1.5 months one person has created 114 meme coin scams.
Each time stolen funds from the scam are sent to the exact same deposit address.
0x739c58807B99Cb274f6FD96B10194202b8EEfB47 pic.twitter.com/uwVAiG9WGG
— ZachXBT (@zachxbt) April 26, 2023
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.
It’s smaller amounts at a time so imagine it’s harder to detect.
Not sure why they would use Coinbase since there are better exchanges to launder on.
— ZachXBT (@zachxbt) April 26, 2023
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, there are also fraud allegations for Twitter user NazareAmarga or Gabriel Marquez. He allegedly launched a fake meme coin aimed at deceiving the owners of the legitimate Nakamigos NFT project.
https://twitter.com/CoinGurruu/status/1651250297530974208
Nakamigos has just flipped BAYC as the collection with the most 0 iq holders
-over 20 Nakamigos holders blindly send $$$ to private address for meme coin presale
-project kept increasing presale hard cap
-dev teaches a valuable lesson by rugging 60 ETH ($110k) & deletes twitter pic.twitter.com/CVCblPG3g7— ZachXBT (@zachxbt) April 24, 2023
Meme coins are inspired by popular internet jokes or memes. Coins are built on these jokes. But they usually don’t offer any serious benefit or future use case. In the past month, the crypto market has seen a recovery as BTC, ETH and many other altcoins show steady growth. This has fueled the rise of meme coins with Pepe (PEPE) and AIdoge being the two most popular at the moment.
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 ignore startups that could revolutionize industries while chasing quick profits. However, the founders of meme coins and NFTs state that they see them as a natural part of crypto development.
23947
