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Meme Coin Scams: PeckShield Exposes Ten New Fraud Tokens

Thu, 05/11/2023 - 13:35
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Tomiwabold Olajide
Current meme coin mania fueled by astounding rise of PEPE
Meme Coin Scams: PeckShield Exposes Ten New Fraud Tokens
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Meme coins, often inspired by internet trends or memes, have witnessed a surge in interest, driven by the desire for quick profits and the excitement surrounding their volatile nature.

Unfortunately, this has also attracted unscrupulous actors seeking to exploit unsuspecting investors.

The current meme coin mania was fueled by the astounding rise of PEPE, which has rallied nearly 55,000% since its launch on April 18, reaching a market capitalization of above $1 billion in only three weeks.

Pepe (PEPE) Scores New Listing on KuCoin, Start of Meme Coin Season?

While seeking the next PEPE, investors should beware and not fall for the trap of bad actors who create rugpulls to scam unsuspecting investors.

PeckShield flags 10 scam meme tokens

In the ever-evolving world of cryptocurrencies, meme coins have gained significant popularity. However, where there is popularity, scammers are never far behind.

In a new tweet, blockchain security firm PeckShield says it has detected a series of rugpulls involving the creation of 10 scam meme tokens within the last three days. The meme tokens concerned are PEPEDOGE, PEPEC, WOW, MEME, FOUR, NEWPEPE, BENZ, BMW and POP.

Also in this category is newly created meme token BOBO, which PeckShield says was launched hours ago and just had its liquidity removed.

PeckShield reported that the scammers initially funded 3.47 ETH from the MEXC crypto exchange to pump the token's price to trick unsuspecting investors before draining the pool. It also reported that the same bad actors created token LADYS (LADYS), warning investors not to fall prey to this new scam token.

This calls for caution on the part of investors, who must remain vigilant and be aware of the risks associated with meme coins, particularly those lacking a solid foundation or credible development team.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.