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Unknown scammer created 114 fake memecoins in 45 days. The fraudster used only one cryptocurrency wallet for the scheme.This was revealed in a tweet by a crypto enthusiast and detective under the nickname ZachXBT.
As the blockchain sleuth noted, the scammer conducted more than a hundred scams in less than two months and sent all stolen funds to the same wallet with the address 0x739c58807B99Cb274f6FD96B10194202b8EEfB47. According to the expert, he only tracked the thefts associated with that particular wallet, and in reality, there could be many more victims and wallets.
Further movement of funds could not be traced, as the scammer divided the cryptocurrency into other wallets to confuse the sleuthes. The exact amount of funds stolen is also not known.
Another Twitter user, Lucrafund, conducted his own investigation of the incident. According to them, the scammer sent some of the stolen funds to a Coinbase address, essentially revealing a personal identifier.
There could be a lot more memecoin scams
This isn’t the only memecoin scam. For example, Twitter user CoinGurruu discovered a similar scheme involving cryptocurrency wallet 0xCc16D5E53C1890B2802d5441d23639CAc6cd646F. According to him, the scammer launched 2-5 memecoin rugs daily for almost 2 years in a row.
In addition, ZachXBT was able to uncover another alleged scammer. The scammer uncovered himself by the cryptocurrency wallet address tattooed on his back. It turned out to be Twitter user NazareAmarga or Gabriel Marquez, who was involved in a scam that brought him about $110,000 in the ETH. The scammer launched a suspicious memecoin aimed at defrauding the owners of the legitimate Nakamigos NFT project.
Memecoins are fictional cryptocurrencies created after the characters from various memes. Such coins have no practical use but can sometimes be traded if enough users find them worthy of attention.