Scammers Exploiting PEPE Memecoin Hysteria: Report

Driven by hype and hysteria, Memecoin went from an obscure and bizarre niche to a massive gambling vehicle that made people millionaires overnight.

PEPE is the latest sensation that has captured the imagination of some of the most insatiable husbands in space. This particular frog-themed coin kept climbing to dizzying heights as FOMO engulfed the market. But the latter is a scammer’s best friend.

memecoin craze

Crypto Twitter is ripe with stories of how PEPE’s early investors became millionaires overnight. While PEPE has managed to bring about a Memecoin renaissance, it has also triggered the creation of a number of scam tokens over the past week.

blockchain security firm peckshield saw Creation of at least 10 memecoin scams such as PEPEDOGE, PEPEC, WOW, MEME, FOUR, NEWPEPE, Benz, BMW, POP, and BOBO. The creators behind the flagged scam token allegedly siphoned off liquidity and attracted unsuspecting investors.

Scammers are also targeting PEPE investors. Cyber ​​security firm CertiK issued an alert last week about a fraudulent PEPE site that claims to offer prizes and alerted that the website is linked to a phishing contract.

Fake accounts have also infiltrated Memecoin’s official community Telegram group, posting random links in an attempt to redirect users to fraudulent websites. Token creators repeatedly to plead The community should be diligent and warned against linking their wallets to dubious pages claiming to offer Airdrops, Staking, Claims, Mints, Raffles, Giveaways, etc.

pepe controversy

Despite being lauded by Twitter boss, Elon Musk, who recently shared a meme with PEPE the Frog on his Twitter handle, Memecoin has created a fair share of controversy. For one, US crypto giant Coinbase sent an email newsletter to its customers describing the PEPE meme as a “hate symbol” co-opted by alt-right groups.

This was followed by a flurry of criticism on Twitter and the hashtag #deletecoinbase started trending on the social media site for a while. newspaper since edited While Paul Grewal, the Chief Legal Officer of Coinbase, apologized for the mishap.