Crypto scammers are increasing the release of fake memecoins in the past two months, according to cryptocurrency detectives.
According to an investigation by blockchain detectives ZachXBT, one address, in particular, allegedly launched "114 memecoin scams" in the last 45 days alone.
In a Twitter thread on April 26, ZachXBT tracked the movements of the wallet address: 0x739c58807B99Cb274f6FD96B10194202b8EEfB47noting that "each time the funds stolen from the scam are sent to the exact same deposit address."
โI suspect there are more as well. These are just the ones sent to that deposit address lol,โ ZachXBT added in response to a comment.
In the last month and a half, one person has created 114 meme coin scams.
Each time the funds stolen from the scam are sent to the exact same deposit address.
0x739c58807B99Cb274f6FD96B10194202b8EEfB47 pic.twitter.com/uwVAiG9WGG
โ ZachXBT (@zachxbt) April 26, 2023
He freelance blockchain detective he was unable to calculate a financial figure for how much the alleged scam activity had raised, as the alleged scammer in question had used multiple wallets to split the funds.
Memecoins are cryptographic tokens inspired by and built around popular Internet jokes or memes, though they generally offer no serious utility or future use case.
However, @lucrafund also did some digging and shared a screenshot in the thread showing that the โcriminal mastermindโ had sent some of the stolen funds to a Coinbase address, essentially giving away a key personal identifier.
When asked why ZachXBT believes Coinbase has yet to flag this activity, the anonymous detective suggested that it may be difficult to detect, as funds are typically sent in โsmaller amounts at a time.โ
It's smaller amounts at a time, so imagine it's harder to detect.
I'm not sure why they would use Coinbase as there are better exchanges to launder.
โ ZachXBT (@zachxbt) April 26, 2023
On April 27, Twitter user @CoinGurruu also posted a similar thread highlighting the alleged wallet address of scammer 0xCc16D5E53C1890B2802d5441d23639CAc6cd646F, who allegedly "dropped 2-5 rugs of memecoin daily for almost 2 years straight."
โThese developers have an incredible hustle. Be sure to tag it on Etherscan so you don't line their pockets with your money. Absolute madness,โ they wrote.
This wallet has released 2-5 memecoin rugs daily for almost 2 years straight:
0xCc16D5E53C1890B2802d5441d23639CAc6cd646F
These developers have an incredible hustle. Make sure you tag it on Etherscan so you don't fill their pockets with your money
absolute madness. pic.twitter.com/ffNQ4sTGls
โ Guru (@CoinGurruu) April 26, 2023
In a separate news case this week, ZachXBT also apparently discovered another alleged scammer through the address of the wallet that they have tattooed on their back.
Related: The power of AI in memecoins: a new revolution in the crypto space
Twitter user @NazareAmarga, or Gabriel Marques, is alleged to have released a nefarious-looking memecoin aimed at misleading holders of the legitimate Nakamigos NFT project.
According to ZachXBT, the wallet address tattooed on Marques, which can be seen via an online social media post, was heavily involved in the scam that is said to have netted around $110,000 worth of Ether (ETH).
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