The Rise of Fake Meme Coins Highlights Need for Caution
- Fake meme coins are rising, with one wallet address launching 114 scams in the past 45 days alone
- Scammers have been active for a long time, launching 2-5 meme coin scams daily for almost two years straight
- Investors should be cautious and do thorough research before investing in cryptocurrencies
Surge in fake meme coins scams: 114 launched in 45 days by one wallet address, crypto sleuths reveal
Crypto scammers have been active for some time, but in the past two months, there has been a surge in the launch of fake meme coins. The rise in scams has been identified by blockchain sleuths, with one wallet address, in particular, launching 114 meme coin scams in the past 45 days alone.
The alleged scammer sends the stolen funds to the same deposit address each time, making it easier for investigators to track the activity. However, it is difficult to estimate how much the alleged scammer has made, as they have used multiple wallets to split the funds.
Meme coins are tokens built around popular internet jokes or memes, but they do not offer serious utility or future use cases. As such, they are often used as vehicles for scams. Twitter user Lucrafund discovered that some of the stolen funds had been sent to a Coinbase address, a key personal identifier.
It is surprising that Coinbase had not yet flagged the activity. ZachXBT, when questioned about it, suggested that it might be hard to detect as the funds are being sent in smaller amounts.
Another wallet address has been identified as allegedly launching two to five meme coin rugs daily for almost two years, highlighting the long-term activity of some scammers and the need for caution among investors.
Alleged crypto scammer identified by wallet tattoo: Memecoin dupes Nakamigos project
ZachXBT also identified another alleged scammer through the wallet address they had tattooed on their back. Gabriel Marques is accused of launching a meme coin that duped holders of the legitimate Nakamigos NFT project. The wallet address involved in the scam allegedly fetched around $110,000 worth of Ether.
Overall, the rise of fake meme coins and other crypto scams is a reminder that investors need to be cautious when investing in cryptocurrencies. While blockchain technology can be very secure, it is still important to be vigilant when investing and to do thorough research on any project before investing.
Also, read – The Sandbox Partners With Ledger Enterprise for Enhanced NFT Security
