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Scam Alert: Scammers Lure Investors into Buying Fake Meme Coins Using Famous Wallets

Mon, 06/26/2023 - 10:30
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Yuri Molchan
Recent report shows that scammers are using fake WETH to lure investors into buying their fake meme coins using name of DWF Labs and other famous companies
Scam Alert: Scammers Lure Investors into Buying Fake Meme Coins Using Famous Wallets
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Analytics service @lookonchain that tracks "Smart Money" and other crypto whales' wallets, has announced that scammers have again become active. This time, they are using fake wrapped Ethereum coins to lure investors into obtaining fake meme crypto. They pretend to be using the wallets of famous blockchain companies to do that.

@lookonchain warned the crypto community that these operations may look as if it is famous wallets that are acquiring meme crypto, not scammers and, therefore, warned crypto users to beware and not do the same, following the example of those addresses.

What is really happening is that scammers make it look like big crypto companies are buying meme coins (fake ones), hoping that average investors will fall for it and will also begin to buy these fake meme cryptocurrencies.

Scammers luring investors using famous wallets

The source shows that scammers create fake WETH, then they pretend to buy it from a big company's wallet — the tweet mentioned DWF Labs in particular — and make it look like DFW Labs is providing liquidity for a meme coin (a fake one).

Users see these operations on wallet trackers and decide to jump in as well, thinking that if DWF is supporting this token in a DeFi pool, then it is certainly "worth looking into." This scheme with a fake DWF wallet and a fake MOME token is show on screenshots shared by @lookonchain.

The tweet also says that if you check these transactions on Debank or Zerion, it is very easy to mistakenly believe that DWF Labs indeed bought "PSYOP" tokens with "WETH." However, details of the transfers show that the transaction did not come from DWF Labs. They also shared screenshots that show real transactions of DWF to buy LADYS meme coins and fake transactions made to look like they were the buyer.

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@lookonchain says these scam transfers with fake WETH and fake meme coins have been taking place quite frequently as of late and warns Twitter users that they should definitely check the address that initiated the transaction, to see whether it indeed belongs to a famous blockchain company.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at