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Crypto fraudsters have intensified the introduction of fraudulent memecoins over the last two months, as reported by crypto investigators.
Research conducted by blockchain investigator ZachXBT indicates that a specific wallet address has purportedly initiated “114 memecoin scams” within just the past 45 days.
In a Twitter thread dated April 26, ZachXBT monitored the transactions of the wallet address: 0x739c58807B99Cb274f6FD96B10194202b8EEfB47, observing that “each time stolen funds from the scam are directed to the same deposit address.”
“I suspect there are additional ones as well. These are merely the ones sent to that deposit address lol,” ZachXBT remarked in response to a comment.
Over the past 1.5 months, one individual has created 114 meme coin scams.
Each time stolen funds from the scam are sent to the exact same deposit address.
0x739c58807B99Cb274f6FD96B10194202b8EEfB47 pic.twitter.com/uwVAiG9WGG— ZachXBT (@zachxbt) April 26, 2023
The independent blockchain investigator was unable to determine a monetary value regarding the total amount acquired through the alleged scamming activities, as the suspected scammer utilized various wallets to distribute the funds.
Memecoins are cryptocurrency tokens inspired by and centered around popular internet jokes or memes, typically lacking serious utility or future applications.
However, @lucrafund also conducted an investigation and shared a screenshot in the thread revealing that the “criminal mastermind” had transferred some of the stolen funds to a Coinbase address, inadvertently disclosing a significant personal identifier.
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When asked why ZachXBT believes this activity has not yet been flagged by Coinbase, the anonymous investigator suggested that it might be challenging to detect since the funds are generally sent in “smaller amounts at a time.”
It’s smaller amounts at a time, so it’s likely harder to detect.
Not sure why they would use Coinbase since there are more effective exchanges for laundering.— ZachXBT (@zachxbt) April 26, 2023
On April 27, Twitter user @CoinGurruu also shared a similar thread drawing attention to the alleged scammer wallet address 0xCc16D5E53C1890B2802d5441d23639CAc6cd646F, which has reportedly “launched 2-5 memecoin rugs daily for nearly 2 years continuously.”
“These developers exhibit remarkable determination. Ensure you label it on Etherscan so you don’t enrich them with your funds. Absolute madness,” they stated.
This wallet has launched 2-5 memecoin rugs daily for almost 2 years straight:
0xCc16D5E53C1890B2802d5441d23639CAc6cd646F
These devs have incredible hustle. Make sure you label it on Etherscan so you don’t line their pockets with your money
Absolute insanity. pic.twitter.com/ffNQ4sTGls— Guru (@CoinGurruu) April 26, 2023
In a distinct case this week, ZachXBT also seemingly identified another alleged scammer through the wallet address they have tattooed on their back.
Related: The power of AI in memecoins: A new revolution in the crypto space
Twitter user @NazareAmarga, also known as Gabriel Marques, is accused of launching a suspicious memecoin aimed at deceiving holders of the legitimate Nakamigos NFT project.
According to ZachXBT, the wallet address tattooed on Marques, which is visible in a social media post, was significantly involved in the scam, which is reported to have generated approximately $110,000 worth of Ether (ETH).
Magazine: Crypto Twitter Hall of Flame, Gabriel Haines: Shirtless shitposting and hunting SBF on the meme streets
