There has been a recent increase in the launch of fake meme coins by crypto fraudsters, blockchain experts have revealed.
Cointelegraph reported ZachXBTan independent blockchain investigator, stated that a single wallet address launched 114 meme coin scams in the last 45 days alone.
In the last 1.5 months, one person has created 114 meme coin scams.
Each time stolen funds from the scam are sent to the exact same deposit address.
0x739c58807B99Cb274f6FD96B10194202b8EEfB47 pic.twitter.com/uwVAiG9WGG
— ZachXBT (@zachxbt) 26 April 2023
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The relevant wallet address is 0x739c58807B99Cb274f6FD96B10194202b8EEfB47, and each time stolen funds are sent to the same deposit address.
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While it is difficult to determine the total amount the alleged scammer has collected, ZachXBT suggested that the scammer had used multiple wallets to split funds.
Meme coins are cryptocurrencies inspired by internet memes or jokes and usually lack serious or future use.
Also Read: Hong Kong All-In On Crypto: New Licensing Regime Lets Retail Investors Trade Bitcoin, Ether
In a related development, Twitter user CoinGurruu also identified another wallet address, 0xCc16D5E53C1890B2802d5441d23639CAc6cd646F, which has allegedly launched 2-5 meme coin blankets daily for almost two years running.
This wallet has launched 2-5 memecoin blankets daily for almost 2 years in a row:
0xCc16D5E53C1890B2802d5441d23639CAc6cd646F
These developers are incredibly busy. Make sure you mark it on Etherscan so you don’t fill their pockets with your money
Absolute madness. pic.twitter.com/ffNQ4sTGls
— 💐Guru 💐 (@CoinGurruu) 26 April 2023
The anonymous user noted the scammers’ incredible hustle and advised users to flag it on Etherscan to avoid being scammed.
In a separate case, ZachXBT uncovered another alleged scammer via the wallet address tattooed on his back.
Twitter user NazareAmarga or Gabriel Marques, allegedly launched a fraudulent meme coin aimed at deceiving legitimate Nakamigo’s NFT holders, Cointelegraph stated.
ZachXBT revealed that the wallet address tattooed on Marques was heavily involved in the scam, which is said to have netted around $110,000 Ethereum (CRYPTO: ETH).
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Photo: Shutterstock
