ZachXBT, an on-chain detective, revealed in a recent report on their official Twitter account, revealed that an anonymous individual has been responsible for creating 114 meme coins scams in the past 45 days. Interestingly, each time the scammer has successfully stolen digital assets, they deposit all of the scammed meme coins into the same wallet address.
However, despite conducting a thorough financial data analysis, the firm needed help determining the total amount of digital assets the scammers had stolen in the past 1.5 months.
The wallet 0x739c58807B99Cb274f6FD96B10194202b8EEfB47 was found to be responsible for stealing digital assets, according to Etherscan statistics. It was observed that every time the wallet carried out the theft, the stolen assets were sent to the Coinbase cryptocurrency exchange, which is known for being a secure and regulated platform for cryptocurrencies.
Etherscan data also reveals that the scammers’ earliest transaction was conducted on March 24th.
The cases of scams and rug pulls have recently spiked in the meme coin market. Recently, two well-known influencers, @iambroots and @ianheinischmma, were promoting a fraud known as BTFD.
Unfortunately, this fraudulent scheme seems to have caused significant harm, prompting B-Roots to quickly delete a promotional tweet after it became clear that the project had “rugged.”
It’s disappointing to see respected figures using their influence to promote such shady and deceitful ventures. It serves as a sobering reminder of the importance of due diligence in cryptocurrency and investing. As always, it’s crucial to approach any investment opportunity critically and be wary of anything that sounds too good to be true.
This news comes just days after Merlin DEX reported a crypto hack in which scammers could steal $1.82 million and drain liquidity provider (LP) funds.
