While investors continue to believe that meme-based cryptocurrencies will make them millionaires, a single scammer created 114 memecoin scams in just 45 days.
The information was published by ZachXBT, a famous onchain researcher who has more than 375,000 followers on Twitter thanks to his work.
As for the scam’s profits, it was discovered that the funds are being sent to Coinbase, considered by many to be the most regulated cryptocurrency exchange in the world.
The scammer seems to want to get into Guinness
With 114 strikes in the past 45 days, that makes the mysterious scammer average 2.5 strikes per day. Excluding weekends, this number rises to 3.5, enough to scare off even those most accustomed to this dark side of the crypto sector.
“In the last month and a half, one person has created 114 memecoin scams”pointed out ZachXBT, pointing to an image with all the cryptocurrencies in question. “Each time the scam funds are sent to the exact same deposit address.”
In the past 1.5 months, one person has created 114 meme coin scams.
Every time money stolen from the scam is sent to the exact same deposit address.
0x739c58807B99Cb274f6FD96B10194202b8EEfB47 pic.twitter.com/uwVAiG9WGG
— ZachXBT (@zachxbt) April 26, 2023
Further on, the researcher notes that the number of strokes could be even greater. Here, after all, he analyzes a single address.
Regarding the stolen amounts, ZachXBT said it was cumbersome to calculate the amount, after all, the scammer distributes the money. However, another user pointed out that it was at least $427 thousand, about R$2.4 million in direct conversion.
Funds are sent to Coinbase, a highly regulated exchange
To arrive at these numbers, ZachXBT’s followers analyzed outgoing transactions from the scammer’s wallet. To everyone’s surprise, he uses the US exchange Coinbase to dump his coins.
“So he sends it straight to Coinbase like a criminal mastermind”sneered at a user because such a broker may know his identity and/or other details.
— ZachXBT (@zachxbt) April 26, 2023
Finally, others pointed out that he may be using a purchased/stolen account or false identity.
What are the memecoins in question?
According to the researcher, no project is known. That is, the scammer kills the cryptocurrency before it becomes famous and appears on better-known brokers or indexing sites such as CoinMarketCap and CoinGecko.
In addition to the desire to wake up every day to deceive someone, such a scammer must also be creative in choosing the name of the projects. After all, there are more than 100 of them.
Names like Robocop, Ethereum Cowboy, Shibarium, Tacocat, Woofer, Depeg Inu, TrumpMind, and SpeechAI appear on the list. Nothing that makes much sense, just like any other memecoin.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
