Cryptocurrencies, including memecoins, are encountering several hurdles, one of the most significant being the prevalence of crypto scams. Unfortunately, the memecoin market has not been immune to these fraudulent activities. Recent reports by ZachXBT, an on-chain sleuth, indicate that a hacker has been exploiting the market and siphoning millions of dollars.
Reports indicate that the scammer orchestrated 114 memecoin scams within a mere 45-day period, resulting in unsuspecting investors suffering severe losses. This fraudulent activity is even more shocking because the fraudster successfully transferred most of the stolen capital from the users to a single deposit wallet address.
ZachXBT could not determine the number of digital assets the thief accessed in this recent scam, since the scammer appeared to be using alternative wallet addresses. As a result, the data tracking firm has concluded that the crypto thief may have even stolen more coins than the one being thought.
According to reports, the suspected scammer sent the digital assets to Coinbase, a regulated cryptocurrency exchange platform in the US. However, when questioned by ZachXBT as to why they did not report the suspicious activity, Coinbase claimed that the amounts being sent were relatively small, making them difficult to detect.
Coinbase also expressed confusion as to why the scammer would choose their platform for laundering, since there are allegedly better exchanges available.
This news comes after CoinGurruu recently released a report based on data collected from Twitter, revealing that a particular wallet address,
0xCc16D5E53C1890B2802d5441d23639CAc6cd646F, is allegedly responsible for 2-5 memecoin scams daily, spanning over two years.
According to Guru, the suspected scammers have accumulated enough funds to mitigate any potential risks, since deploying a cryptocurrency token on the Ethereum network is believed to cost only between $500 and $800.
Cryptopolitan recently reported that scammers successfully breached the security measures of the DEX Merlin, resulting in the theft of over $1.82 million in funds. The hacker was able to drain the liquidity pool due to the breach.
