Attention: This Meme Coin Is Scamming Investors!

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Attention: This Meme Coin Is Scamming Investors!

Some malicious teams, who have captured thousands of investors from all over the world with various advertising campaigns, are trying to grab a share from the 1.6 trillion dollar cryptocurrency market with their meme coin projects. The latest rug pull operation reported by PeckShieldAlert was a BSC base meme coin.

Meme coin rug pull is out, altcoin investors beware

A meme coin project alleged to be Rug pull has gained more than 1,000% today. BabyDogeCz (DOGECZ), a BEP-20 token based on Binance Smart Chain, is trading at $0.000204 today, up 1,700% according to data provided by CoinMarketCap, after losing 50% in the last 24 hours at one point. PeckShieldAlert, which examines blockchain projects and reports on scam and rug pull operations, states with the tweet below that this token is a fraud and has closed its social media accounts.

https://twitter.com/PeckShieldAlert/status/1502208245582426115

BabyDogeCz (DOGECZ) is a Binance Smart Chain based cryptocurrency . On March 9, it reached $0.0002239 ATH. Fluctuating with sharp declines from this price, it is trading at the current level of $0.0002. Additionally, 24-hour trading volume dropped 60%. Although the official website of the project is currently live, it seems that its social media accounts have been closed.

Cryptocurrency scam at peak

According to the 2021 BBB Fraud Tracker Risk Report released Monday, cryptocurrency-related scams have jumped from the seventh riskiest scam in 2020 to the second riskiest scam in 2021. According to a press release, even though cryptocurrency scams accounted for only 1.9% of the scams reported to BBB Scam TrackerSM in 2021, the average median dollar loss reported for this scam was $1,200, which is much higher than the entire median dollar loss.

More than 44% of scam victims report losing their trust or peace of mind due to the emotional impact of being targeted by a scam, and about 35% report losing personal information. About the same percentage of people (55.5%) reported losing time as they reported losing money after being the target of a scam. You can reach the rug pull developments in the news of Kriptokoin.com here.