The cryptocurrency world is no stranger to scams and rugpulls. However, a recent discovery would surprise even savvy crypto investors: a single wallet has been linked to more than 2,000 rug pulls, raising questions about the identity of its owner and the legitimacy of the associated projects.
The wallet, with an address that ends in c6cd646F, has reportedly launched between two and five meme coin rugpulls daily for nearly two years straight. This staggering figure has prompted many to label the wallet's owner one of the biggest scammers in the industry. Users are being warned to label the wallet on Etherscan to avoid inadvertently lining the scammer's pockets.
This wallet has launched 2-5 memecoin rugs daily for almost 2 years straight:— 💐Guru 💐 (@CoinGurruu) April 26, 2023
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
It is unclear how much the wallet's owner has made from these rugpulls, but launching a meme token on the Ethereum network, along with providing liquidity, can cost around $800. With more than 2,000 rugs tied to this wallet, the potential profits are substantial.
However, it is crucial to note that it may be too early to label the wallet's owner a serial scammer. Some speculate that the wallet could be connected to a centralized exchange, in which case the owner may not be directly responsible for the rugpulls. The primary concern is that nearly every asset associated with the wallet has rugged, casting doubt on the legitimacy of the projects and the intentions of the wallet's owner.
The recent rise of meme coins like Pepe should not confuse you as more wallets like the one we mentioned appear in the space and become serial scammers who launch numerous rug pulls in a day with no consequences whatsoever.