Cryptocurrencies, including memecoins, are encountering several hurdles, one of the most significant being the prevalence of crypto scams. Unfortunately, the memecoin market has not been immune to these fraudulent activities. Recent reports by ZachXBT, an on-chain sleuth, indicat...
Cryptocurrencies, including memecoins, are encountering several hurdles, one of the most significant being the prevalence of crypto scams. Unfortunately, the memecoin market has not been immune to these fraudulent activities. Recent reports by ZachXBT, an on-chain sleuth, indicate that a hacker has been exploiting the market and siphoning millions of dollars.
ZachXBT could not determine the number of digital assets the thief accessed in this recent scam, since the scammer appeared to be using alternative wallet addresses. As a result, the data tracking firm has concluded that the crypto thief may have even stolen more coins than the one being thought.
Coinbase also expressed confusion as to why the scammer would choose their platform for laundering, since there are allegedly better exchanges available.
0xCc16D5E53C1890B2802d5441d23639CAc6cd646F, is allegedly responsible for 2-5 memecoin scams daily, spanning over two years.
According to Guru, the suspected scammers have accumulated enough funds to mitigate any potential risks, since deploying a cryptocurrency token on the Ethereum network is believed to cost only between $500 and $800.