Subscribe to our Telegram channel
24 new fraudulent tokens appeared on the cryptocurrency market
PeckShield reports that a series of scams involving the launch of 24 meme tokens has taken place over the past ten days. Analysts warn crypto investors who have succumbed to the impulse to make money on the total craze for dubious cryptocurrencies about the danger of losing all their funds.
#PeckShieldAlert We have detected a series of #rugpulls involving the creation of ~24 Scam #MEME Tokens within the last 10 days. #SHITMEME, #BENS, #WorldCoin, #MONKEYS, #ERDR, #Magneto, #STARK, #ZAT, #LADYBOY, #USACOIN, #WLD, #POGO, #Miniclip, #PORN, #FROGS, #RNDT, #PSYOP,… pic.twitter.com/KlBX5k9Go6
— PeckShieldAlert (@PeckShieldAlert) May 23, 2023
PeckShield says that fraudsters are massively throwing new pseudo-profitable tokens on the market, promising ultra-high returns and the opportunity to make money through the initial public offering of cryptocurrency. According to the analytical platform, when stealing funds, fraudsters use a scheme to pump up token liquidity, followed by emptying the pool and hiding digital traces. PeckShield cites the situation with the SEI token as an illustrative example: it existed for only three hours and then was liquidated.
The experts' comments are reasonable, as meme coins are often developed by cryptocurrency fraudsters who can resort to blocking, theft, and large-scale dumping of a digital asset at any time. Earlier, we talked about such a case: on May 17, the value of the record-breaking cryptocurrency Milady Meme Coin (LADYS) fell by 26% per day. As for the probable reasons for the price drop, Lookonchain analysts noticed a correlation between the fall and the transfer of large amounts of money into LADYS from addresses on the list of «suspicious wallets.»
It is worth noting that meme tokens are not backed by any valuable asset (like gold for BTC), and most of them will not be able to become full-fledged cryptocurrencies in the future. Nevertheless, due to the volatile exchange rate, some of them are used as a tool for speculative transactions.