The rise of meme coins has been accompanied by a surge in scamming activity, with one alleged scammer launching over 100 projects in just 45 days. Crypto investigators have been working diligently to track these malicious actors and shed light on their tactics, helping investors stay informed and avoid falling prey to their schemes.
A Surge in Memecoin Scams
Over the past two months, crypto scammers have been increasingly exploiting the popularity of meme coins, launching spurious projects to deceive investors. According to ZachXBT, a renowned blockchain sleuth, one wallet address has been linked to 114 memecoin scams within 45 days.
ZachXBT tracked the wallet address 0x739c58807B99Cb274f6FD96B10194202b8EEfB47 and observed a consistent pattern: stolen funds from each scam were transferred to the same deposit address.
While it is likely that there are even more scams associated with this address, the total financial impact of these activities remains unknown due to the use of multiple wallets to disperse the funds.
The Anatomy of Memecoin Scams
Memecoins are cryptocurrencies centered around popular internet jokes or memes, often lacking genuine utility or long-term use cases. These tokens attract attention for their lighthearted themes but can leave unsuspecting investors vulnerable to scams.
Lucrafund, another Twitter user, revealed that the perpetrator behind the wallet address had transferred some stolen funds to a Coinbase account, inadvertently revealing a personal identifier.
ZachXBT speculated that Coinbase may not have flagged these transactions due to the small amounts involved, making detection more challenging.
Persistent Scammers and Public Warnings
CoinGurruu highlighted another alleged scammer connected to wallet address 0xCc16D5E53C1890B2802d5441d23639CAc6cd646F in a separate thread.
This individual has reportedly launched between 2 and 5 meme coin scams daily for almost two years. CoinGurruu urged the community to be vigilant and avoid supporting these malicious actors by labeling the address on Etherscan.
Uncovering Scammers Through Unique Clues
ZachXBT’s investigative work also led to the discovery of an alleged scammer using a unique identifier: a wallet address tattooed on their back.
Gabriel Marques, also known as NazareAmarga on Twitter, is accused of launching a dubious memecoin that targeted legitimate Nakamigos NFT project holders. ZachXBT connected Marques to the scam, which is believed to have defrauded investors of around $110,000 worth of Ether through his tattooed wallet address visible in a social media post.
As memecoin popularity continues to grow, so too does the potential for scams. Therefore, investors must be cautious and conduct thorough research before engaging in any cryptocurrency project.
The work of crypto sleuths like ZachXBT serves as a valuable resource in uncovering and exposing malicious actors. Still, ultimately, it is up to individuals to protect themselves from falling victim to these schemes.
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