Over the past 1.5 months, the crypto space has witnessed an alarming increase in meme coin scams. One person has reportedly created 114 such scams during this period. The scams lure unsuspecting investors by promising high returns on their investments in meme coins, which are a type of cryptocurrency that typically feature popular memes as their branding.
The modus operandi of the scammer involves creating a new meme coin, promoting it on social media platforms like Twitter and Reddit, and encouraging people to invest in it. Once people invest in the coin, the scammer runs away with their money, leaving them with worthless tokens that have no real value.
What’s even more concerning is that the scammer has been sending the stolen funds to the exact same deposit address, which is 0x739c58807B99Cb274f6FD96B10194202b8EEfB47. It’s unclear who owns this address, but it’s believed to be a Coinbase wallet.
Investors who have fallen victim to these scams are advised to report the incident to the relevant authorities and take necessary measures to secure their crypto holdings. It’s also important to remember that investing in meme coins or any cryptocurrency without proper research and due diligence can be risky.