The meme coin hype is far from cooling down. While the captains of the ship, Dogecoin and Shiba Inu, are hibernating, others like Baby Doge Coin and Floki Inu have risen to the occasion. In fact, the launch of a new meme coin called Pepe in mid-April got the community even more excited, as few investors made millions in profit by trading.
Tapping into the trend, a scammer created several fake coins to lure investors. According to on-chain sleuth ZachXBT, the person launched around 114 meme coin scams in just the past one-and-a-half months. On most occasions, the stolen funds from the scam have been sent to the same deposit address.
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ZachXBT further went on to reveal that there could be “more” coins too because “these are just the ones sent to that deposit address.”
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Coinbase wallet allegedly involved in a scam
ZachXBT, however, did not reveal how much in total was siphoned by the person engaging in the alleged scam. Chalking out what complicated the whole process of profit calculation, the independent blockchain detective tweeted:
The scammer has apparently been using a Coinbase wallet address to deposit funds. When questioned why the exchange is not aware of this, ZachXBT replied,
“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.”
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Recently, ZachXBT brought to light another scam that was tattoo-related. Twitter user Gabriel Marques had allegedly launched a meme coin targeted at tricking holders of the legitimate Nakamigos NFT project. ZachXBT revealed that the wallet address was tattooed on Marques’ back. The address was involved in the scam. In fact, it fetched 60 ETH worth $110k. Cautioning users XachXBT tweeted,
“Getting very tired of constantly seeing influencers shilling coins with <$100k liquidity. If you buy a meme coin you need to assume someone will dump on you with insider info or that it’s a scam.“