Single Crypto Wallet Launches 114 Memecoin Scams in Just 45 Days

To help you navigate the crypto space safely, we have prepared a guide with the most common crypto scams and what are the best ways to avoid falling victim to these frauds.  
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Crypto investors and market participants are being targeted by a recent surge in faux meme coin scams. These memecoin scams offer no real value or use case and are designed solely to defraud unsuspecting investors.

One cryptocurrency wallet, identified as pocket tackle, has allegedly launched 114 memecoin scams in the last 45 days alone. On-chain investigator ZachXBT identified that stolen funds from the scams are being sent to the same deposit address every time.

However, ZachXBT also suggested that there could be more scams associated with this wallet address’s holder (s), and the total amount of funds involved in the alleged scamming activity remains unknown as the alleged scammer used multiple wallets to split up the funds.

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

Koullou Crypto, another Twitter user, revealed in a comment that the wallet is associated with Coinbase, implying that the alleged scammer may have been trying to launder the stolen funds through the exchange.

114 Memecoin Scams in Just 45 Days

When asked why he believes this activity hasn’t been reported to Coinbase yet, ZachXBT responded that it might be difficult to spot the alleged scamming activity because the funds are typically sent in smaller amounts at a time.

Another Wallet Reportedly Releases 2–5 Rugs Daily

Similarly, another Twitter user, CoinGurruu, also identified an alleged scammer wallet address, that has allegedly launched 2–5 memecoin scams daily for almost two years.

According to Guru, it costs just about $500 to $800 to deploy a crypto token on the Ethereum network, and the alleged scammers have made enough money that there isn’t much risk involved.

The prevalence of these scams underscores the need for investors and market participants to exercise caution and do their due diligence before investing in any crypto token.

Finally, it remains to be seen if Coinbase or KuCoin, where the alleged scammers are keeping their stolen funds, will take any action in response to these scams.


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