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Scammers are more and more exploiting the recognition of meme cash for private achieve, leaving cryptocurrency traders susceptible.
A single particular person has been recognized because the brains behind the discharge of 114 questionable meme cash in simply two months, in line with studies.
ZachXBT, together with different web sleuths, found that just one particular person was answerable for 114 meme coin frauds.
The pockets tackle in query is 0x739c58807B99Cb274f6FD96B10194202b3EEfB47, and the identical deposit tackle is used every time funds are taken.
Meme Cash Rip-off Detected
After tracing all of the cash, he found that the fraudsters had successfully amassed these cryptocurrencies whereas remaining comparatively hid by using a number of various pockets addresses and dividing the proceeds.
Over the previous 1.5 months one particular person has created 114 meme coin scams.
Every time stolen funds from the rip-off are despatched to the very same deposit tackle.
0x739c58807B99Cb274f6FD96B10194202b8EEfB47 pic.twitter.com/uwVAiG9WGG
— ZachXBT (@zachxbt) April 26, 2023
ZachXBT defined in a Twitter thread printed on April 26 that he tracked every rip-off’s funds to the identical deposit tackle.
Meme cash are digital currencies impressed by web memes or jokes and sometimes lack important utility or long-term functions.
On Social Media Hype And Worth
The worth of those cash is essentially decided by social media hype and conjecture, as they sometimes haven’t any sensible use or underlying worth.
“I think there are others as nicely. These are merely cash despatched to that deposit tackle hahaha,” ZachXBT responded to a remark.
A Twitter person named Lucrafund additionally carried out some analysis, posting a screenshot on the thread that exposed the “legal mastermind” had despatched a portion of the stolen funds to a Coinbase tackle, successfully revealing an important private identifier.
This pockets has launched 2-5 memecoin rugs every day for nearly 2 years straight:
0xCc16D5E53C1890B2802d5441d23639CAc6cd646F
These devs have unimaginable hustle. Ensure you label it on Etherscan so that you don’t line their pockets together with your cash
Absolute madness. pic.twitter.com/ffNQ4sTGls
— 💐Guru 💐 (@CoinGurruu) April 26, 2023
One other Twitter person by the title of CoinGurruu recognized an extra pockets tackle – 0xCc16D5E53C1890B2802d5441d23639CAcd644F – that allegedly launched two to 5 meme coin rugs per day for practically two years.
The memecoins have been launched on the Binance Sensible Chain (BSC) platform, which has turn into a well-liked venue for the creation and buying and selling of latest cryptocurrencies.
Nevertheless, the platform’s lack of supervision and regulation has made it a major goal for fraudulent actions, such because the dissemination of meme coin scams.
The report additionally emphasizes the truth that the builders of meme cash didn’t reveal their identities, which casts doubt on their intentions and credibility. It is a frequent technique employed by con artists to keep away from detection and prosecution.
BTCUSD at present buying and selling at $29,392 on the every day chart at TradingView.com
The Tattoo
In a separate incident, ZachXBT uncovered an extra alleged fraudster concerned within the meme cash anomaly, Gabriel Marques (Twitter person NazareAmarga), who allegedly launched a fraudulent memecoin geared toward holders of the official Nakamigos NFT challenge.
Marques was acknowledged by the pockets tackle inscribed on his again, which was seen in a social media posting.
In keeping with ZachXBT, the pockets tackle tattooed on Marques, which is seen in a web based social media publish, was considerably concerned within the alleged $110,000 value of Ether rip-off.
-Featured picture from The Dales Report
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