Crypto Chaos: 114 Shady Memecoins Launched in 2 Months

Crypto Chaos: 114 Shady Memecoins Launched in 2 Months

written by John Murphy | April 27, 2023

According to recent news, Crypto sleuths stated that crypto scammers have built up the launch of spurious meme coins over the past two months. In the past 45 days, one address about the launch of 114 Shady Memecoins scams alone.

ZachXBT tracked the movement of address 0x739c58807B99Cb274f6FD96B10194202b8EEfB47 in a Twitter thread on 26 April. Transfer the stolen funds from the scammer to the same deposit address each time.

Key Takeaways:

  • Scammers launched 114 spurious memecoins in 2 months, lacking future use cases or serious utility.
  • Stolen funds were tracked to the same deposit address, with scammers transferring funds in smaller amounts to avoid detection by Coinbase.
  • Alleged scammer launched over 100 dodgy projects in <2 months, as announced by BitlyFool and Mr. Legend Crypto on Twitter.
  • Scammers transferred stolen funds to Coinbase, exposing key personal identifiers, as revealed by Lucrafund’s Twitter screenshot.
  • Accused Twitter user, NazareAmarga or Gabriel Marques, initiated a nefarious memecoin targeting Nakamigos NFT holder, with wallet address involved in scams and fetching $110K worth of Ether. took to Twitter and made an announcement that in less than 2 months, an alleged memecoin scammer has launched more than 100 dodgy projects.

Additionally, ZachXBT stated in response to the comment that these are the only ones transferring to the deposit address. I think there are more too.

The independent blockchain detective cannot calculate the financial figure of how many scamming activities carry, the scammer alleges to be using.

Memecoins are crypto tokens built around and inspired by internet jokes and memes. At the same time, it doesn’t provide future use cases or serious utility.

Mr. Legend Crypto took to Twitter and made an announcement that one alleged scammer launched 114 projects in the last 45 days alone, according to the ZachXBT.

Lucrafund, a Twitter user, also shared a screenshot in a Twitter thread that criminals transferred some stolen funds to the address of Coinbase. Essentially it exposes the key personal identifier.

Why doesn’t ZachXBT think that Coinbase identifies this activity? Anonymous recommended that funds are sent in smaller amounts at a time, so it is difficult to detect them.

ZachXBT revealed another alleged scammer this week via the address they mentioned on the backside.

NFT Often took to Twitter and made an announcement that alleged scammers transferred the stolen fund into the deposit wallet address mentioned on their back.

NazareAmarga or Gabriel Marques’s Twitter users claimed to initiate nefarious-looking memecoin. It targets the Legitimate Nakamigos NFT project holder.  The wallet address tattooed on Marque involve in scams. It is visible on social media, according to ZachXBT. It fetched $110,000 worth of Ether.