114 Dodgy Memecoins Launched by Crypto Wallet in 2 Months – Investor Caution Advised

In the Brief:

  • Scammers created 114 memecoin scams in 45 days, generating $110,000 worth of Ether.
  • Memecoins are crypto tokens based on internet memes.
  • Some scammers had multiple scams daily for years, with one caught because of their tattooed wallet address.
  • Another revealed personal information by sending stolen funds to a Coinbase address.

3 - 5 minute read

Crypto scammers have been increasing the launch of fake memecoins in the last two months, according to blockchain sleuths. One address, in particular, has been identified as having launched “114 memecoin scams” in the past 45 days alone. This has caused concern among traders, who are worried about the impact this fraudulent activity could have on the crypto market.

Memecoins are crypto tokens built around popular internet jokes or memes, often without offering a serious utility or future use case. However, these scams can be lucrative for fraudsters, who exploit the hype around these tokens to trick investors into parting with their money.

According to research from ZachXBT, a blockchain detective, the alleged scammer has used multiple wallets to split up funds, making it difficult to calculate the financial figure on how much the scamming activity has fetched. ZachXBT also found that the stolen funds from the scam are sent to the same deposit address each time, and suspects that there are likely even more scams that haven’t been identified yet.

One interesting detail that has come to light is that the “criminal mastermind” behind the scam has sent some of the stolen funds to a Coinbase address, giving away a key personal identifier. Traders are wondering why Coinbase hasn’t flagged this activity yet, and ZachXBT suggests that it may be hard to detect as the funds are generally being sent in smaller amounts at a time.

In a separate case, ZachXBT uncovered another alleged scammer via the wallet address they have tattooed on their back. Twitter user Gabriel Marques, also known as @NazareAmarga, is alleged to have launched a fake memecoin targeted at duping holders of the legitimate Nakamigos NFT project. The wallet address tattooed on Marques was heavily involved in the scam, which is said to have fetched around $110,000 worth of Ether (ETH).

The Bottom Line

The rise of fake memecoins is a concerning trend in the crypto world. Traders need to be cautious and do their research before investing in any token, especially those that seem too good to be true. Scams like these can damage the reputation of the entire industry, so it’s important for everyone to stay vigilant and report suspicious activity.

Disclaimer: The content in this article is provided for informational purposes only and should not be considered as financial or trading advice. We are not financial advisors, and trading carries high risk. Always consult a professional financial advisor before making any investment decisions.

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