Crypto scammers have been ramping up the launch of spurious memecoins over the past two months, according to crypto sleuths.
According to research from blockchain sleuths ZachXBT, one address, in particular, has allegedly launched “114 memecoin scams” in the past 45 days alone.
In an April 26 Twitter thread, ZachXBT tracked the movements of the wallet address: 0x739c58807B99Cb274f6FD96B10194202b8EEfB47, noting that “each time stolen funds from the scam are sent to the exact same deposit address.”
“I suspect there are more too. These are just ones sent to that deposit address lol,” ZachXBT added in response to a comment.
Over the past 1.5 months one person 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 detective wasn’t able to calculate a financial figure on how much the alleged scamming activity had fetched, as the alleged scammer in question had used multiple wallets to split up funds.
Memecoins are crypto tokens that are inspired by, and built around popular internet jokes or memes, while generally not offering a serious utility or future use case.
However, @lucrafund also did some digging and shared a screenshot on the thread showing that the “criminal mastermind” had sent some of the stolen funds to a Coinbase address, essentially giving away a key personal identifier.
Questioned on why ZachXBT thinks this activity hasn’t yet been flagged by Coinbase, the anonymous sleuth suggested that it may be hard to detect as the funds are generally being sent in “smaller amounts at a time.”
It’s smaller amounts at a time so imagine it’s harder to detect.
Not sure why they would use Coinbase since there are better exchanges to launder on.
– ZachXBT (@zachxbt) April 26, 2023
On April 27, Twitter user @CoinGurruu also posted a similar thread highlighting the alleged scammer wallet address 0xCc16D5E53C1890B2802d5441d23639CAc6cd646F, which has allegedly “launched 2-5 memecoin rugs daily for almost 2 years straight.”
“These devs have incredible hustle. Make sure you label it on Etherscan so you don’t line their pockets with your money. Absolute insanity,” they wrote.
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 separate novel case this week, ZachXBT also seemingly uncovered another alleged scammer via 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, or Gabriel Marques, is alleged to have launched a nefarious-looking memecoin targeted at duping holders of the legitimate Nakamigos NFT project.
According to ZachXBT, the wallet address tattooed on Marques, which can be seen via a social media post online, was heavily involved in the scam which is said to have fetched around $110,000 worth of Ether (ETH).