A Crypto Wallet Released 114 Suspicious Memecoins in 2 Months

    ZachXBT reported that a suspected scammer had launched approximately 114 projects within the last 45 days.

    As per crypto investigators, the number of fraudulent memecoins has surged in the last two months. ZachXBT’s research revealed that a specific wallet address had launched 114 memecoin scams in just 45 days. ZachXBT tracked the movements of the address 0x739c58807B99Cb274f6FD96B10194202b8EEfB47 and noticed that stolen funds were being sent to the same deposit address repeatedly. 

    The blockchain investigator suspects that there could be more such scams. However, the financial gains from this alleged fraudulent activity could not be determined as the scammer used multiple wallets to divide the funds. 

    These memecoins are crypto tokens that are created around internet jokes or memes and typically do not have any practical use case. Lucrafund, a Twitter user, found that the scammer had sent some of the stolen funds to a Coinbase address, revealing a critical personal identifier. When questioned about why Coinbase had not yet flagged this activity, ZachXBT suggested that the smaller amounts being sent at a time could make it challenging to detect.

    On April 27, CoinGurruu, a Twitter user, posted a thread that was similar and highlighted a wallet address, 0xCc16D5E53C1890B2802d5441d23639CAc6cd646F, which allegedly launched 2-5 memecoin rugs each day for almost two years. 

    CoinGurruu praised the hustle of these developers and advised labeling the wallet address on Etherscan to prevent the scammers from taking your money. In another case, ZachXBT uncovered a different alleged scammer this week, who had the wallet address tattooed on their back. 

    Twitter user Gabriel Marques, also known as NazareAmarga, was accused of launching a fraudulent memecoin that targeted the legitimate Nakamigos NFT project. ZachXBT’s investigation revealed that the wallet address tattooed on Marques was heavily involved in the scam, which is believed to have earned around $110,000 worth of Ether.

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