Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
Driven by excitement and frenzy, memecoins transitioned from a little-known and eccentric niche to a significant gambling instrument that enabled individuals to become millionaires in a short span.
PEPE is the most recent phenomenon that has captivated the attention of some of the most eager participants in the market. This frog-themed cryptocurrency continued to rise to remarkable levels as fear of missing out (FOMO) took hold of the market. However, this environment is often advantageous for scammers.
Memecoin Frenzy
Crypto Twitter is filled with accounts of early PEPE investors who became millionaires almost instantly. While PEPE did indeed spark a revival of memecoins, it also led to the emergence of numerous fraudulent tokens in the past week.
Blockchain security firm PeckShield reported the emergence of at least 10 memecoin scams, including PEPEDOGE, PEPEC, WOW, MEME, FOUR, NEWPEPE, BENZ, BMW, POP, and BOBO. The individuals behind these flagged scam tokens reportedly withdrew the liquidity and executed rug pulls on unsuspecting investors.
Fraudsters are also targeting PEPE investors. Cybersecurity firm CertiK issued a warning last week regarding a deceptive PEPE website claiming to provide rewards and indicated that the site is associated with a phishing contract.
Related Posts
ADVERTISEMENT
Counterfeit accounts have also infiltrated the official community Telegram group of the memecoin, sharing random links in an effort to redirect users to fraudulent sites. The token creators have consistently urged the community to remain vigilant and cautioned against connecting their wallets to dubious pages that claim to offer airdrops, staking, claims, mints, raffles, giveaways, and more.
PEPE Issues
Despite being praised by Twitter CEO Elon Musk, who recently posted a meme featuring PEPE the Frog on his Twitter account, the memecoin has faced its share of controversies. Notably, US crypto giant Coinbase sent an email newsletter to its customers labeling the PEPE meme as a “hate symbol” appropriated by alt-right groups.
This sparked a wave of backlash on Twitter, leading to the hashtag #deletecoinbase briefly trending on the platform. The newsletter has since been revised, and Coinbase’s chief legal officer, Paul Grewal, has apologized for the error.
SPECIAL OFFER (Sponsored) Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.
