One crypto wallet launched 114 questionable memecoins in two months
Crypto scammers are ramping up the launch of fake memecoins over the past two months, according to crypto experts.
According to research by blockchain scouts ZachXBT, one address in particular has reportedly launched “114 memecoin scams” in the past 45 days alone.
In an April 26 Twitter thread, ZachXBT tracked the movements of the wallet address: 0x739c58807B99Cb274f6FD96B10194202b8EEfB47and notes that “each time stolen funds from the scam are sent to the exact same deposit address.”
“I suspect there are more as well. These are just the ones sent to that deposit address lol,” ZachXBT added in response to a comment.
The independent blockchain detective was unable to calculate a financial figure for how much the alleged fraudulent activity had raised, as the alleged fraudster had used multiple wallets to split funds.
Memecoins are crypto tokens that are inspired by and built around popular internet jokes or memes, while usually not offering a serious utility or future use.
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 an important personal identifier.
When asked why ZachXBT believes this activity has not yet been flagged by Coinbase, the anonymous scout suggested that it may be difficult to detect since the funds are usually 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 blankets daily for almost 2 years straight.”
“These developers are incredibly busy. Make sure you notice it on Etherscan so you don’t fill their pockets with your money. Absolute madness,” they wrote.
In a separate affair this week, ZachXBT also apparently uncovered another allegedly scams via the wallet address they have tattooed on their back.
Related: The power of AI in memecoins: A new revolution in the crypto space
Twitter user @NazareAmarga, aka Gabriel Marques, has reportedly launched a sinister-looking memecoin aimed at duping holders of the legitimate Nakamigos NFT project.
According to ZachXBT, the wallet address tattooed on Marques, which can be seen via an online social media post, was heavily involved in the scam which is said to have netted around $110,000 in Ether (ETH).
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