The crypto world has recently witnessed a surge in fraudulent memecoin launches, with blockchain investigators uncovering multiple instances of scamming activity. According to research by well-known crypto detective ZachXBT, one wallet address (0x739c58807B99Cb274f6FD96B10194202b...
The crypto world has recently witnessed a surge in fraudulent memecoin launches, with blockchain investigators uncovering multiple instances of scamming activity.
According to research by well-known crypto detective ZachXBT, one wallet address (0x739c58807B99Cb274f6FD96B10194202b8EEfB47) has been linked to 114 memecoin scams in just 45 days.
In a Twitter thread on April 26, ZachXBT explain that he followed the funds from each scam, which consistently led to the same deposit address.
Over the past 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) April 26, 2023
The exact financial figure of the scamming activity is unknown, as the scammer has used multiple wallets to divide up funds, but it’s suspected to be substantial.
Memecoins are cryptocurrency tokens centered around internet jokes or memes, often lacking serious utility or future use cases. These tokens have become the target of scammers looking to exploit their popularity for personal gain.
Twitter user Lucrafund also joined the investigation, sharing a screenshot that showed the scammer had moved some of the ill-gotten funds to a Coinbase address, unintentionally revealing a key piece of personal information.
In response to questions about why Coinbase had not yet identified and flagged these transactions, ZachXBT suggested that detecting such activities could be challenging since the funds were typically transferred in smaller increments over an extended period.
It’s smaller amounts at a time so imagine it’s harder to detect.
Not sure why they would use Coinbase since there are better exchanges to launder on.
— ZachXBT (@zachxbt) April 26, 2023
On April 27, CoinGurruu, another Twitter user, shed light on a separate alleged scammer’s wallet address, 0xCc16D5E53C1890B2802d5441d23639CAc6cd646F, which has reportedly launched 2-5 memecoin scams daily for almost two years. CoinGurruu urged people to label the address on Etherscan to prevent inadvertently contributing to the scammer’s funds.
This wallet has launched 2-5 memecoin rugs daily for almost 2 years straight:
0xCc16D5E53C1890B2802d5441d23639CAc6cd646F
These devs have incredible hustle. Make sure you label it on Etherscan so you don't line their pockets with your money
Absolute insanity. pic.twitter.com/ffNQ4sTGls
In a separate case, ZachXBT exposed another alleged scammer, Gabriel Marques (Twitter user NazareAmarga), who purportedly launched a fraudulent memecoin targeting holders of the legitimate Nakamigos NFT project. Marques was identified through the wallet address tattooed on his back, which was visible in an online social media post. According to ZachXBT, this scam netted approximately $110,000 worth of Ether.
Nakamigos has just flipped BAYC as the collection with the most 0 iq holders
-over 20 Nakamigos holders blindly send $$$ to private address for meme coin presale
-project kept increasing presale hard cap
-dev teaches a valuable lesson by rugging 60 ETH ($110k) & deletes twitter pic.twitter.com/CVCblPG3g7— ZachXBT (@zachxbt) April 24, 2023
As memecoin scams continue to surge, the cryptocurrency community must remain vigilant and exercise caution when considering investments in these tokens.