Saturday, 25 May 2024

Crypto News

One crypto wallet launched 114 dodgy memecoins in two months

One crypto wallet launched 114 dodgy memecoins in two months

Crypto scammers are ramping up the launch of spurious memecoins over the past two months, according to crypto sleuths. 

According to research from blockchain sleuths ZachXBT, one address, in particular, has allegedly launched “114 memecoin scams” in the past 45 days alone.

In an April 26 Twitter thread, ZachXBT tracked the movements of the wallet address: 0x739c58807B99Cb274f6FD96B10194202b8EEfB47, noting that “each time stolen funds from the scam are sent to the exact same deposit address.”

“I suspect there are more too. These are just ones sent to that deposit address lol,” ZachXBT added in response to a comment.

The independent blockchain detective wasn’t able to calculate a financial figure on how much the alleged scamming activity had fetched, as the alleged scammer in question had used multiple wallets to split up funds.

Memecoins are crypto tokens that are inspired by, and built around popular internet jokes or memes, while generally not offering a serious utility or future use case.

However, @lucrafund also did some digging and shared a screenshot on the thread showing that the “criminal mastermind” had sent some of the stolen funds to a Coinbase address, essentially giving away a key personal identifier.

Questioned on why ZachXBT thinks this activity hasn’t yet been flagged by Coinbase, the anonymous sleuth suggested that it may be hard to detect as the funds are generally being sent in “smaller amounts at a time.”

On April 27, Twitter user @CoinGurruu also posted a similar thread highlighting the alleged scammer wallet address 0xCc16D5E53C1890B2802d5441d23639CAc6cd646F, which has allegedly “launched 2-5 memecoin rugs daily for almost 2 years straight.”

“These devs have incredible hustle. Make sure you label it on Etherscan so you don’t line their pockets with your money. Absolute insanity,” they wrote.

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