The meme coin frenzy has attracted scammers looking to cash in on the craze, with one fraudster managing to create and execute 114 meme coin rug scams in just 45 days. These meme coins, often based on popular internet memes like doge, have no real use and are designed to attract investors looking for quick gains. The blockchain analyst ZachXBT unmasked the scammer, who diverted funds from these scams and laundered them through the platform Coinbase.
Monitoring the activity of the scammer’s wallet
ZachXBT identified that funds received from 114 different coin-related scams were sent to the same deposit address, “0x739c“. The analyst suspects that the scammer may have created even more meme coins beyond those tied to the identified deposit address. Charts from Etherscan show that wallet transactions remained almost equal in amounts sent and received, indicating continued movement of funds.
According to the survey of ZachXBTthe scammer transferred the stolen funds in small amounts of around 2.5 ETH towards several Coinbase addresses. Wallet 0x739c is usually emptied very quickly and currently contains nothing.
114 rugs for a profit of 26 ETH
A tool user Dunes took the time to make a dashboard tracking all serial rugger deposits and withdrawals. According to JamesT0lanthe scammer would have deposited a total of 314 ETH on Coinbase after investing 288 ETH in the creation of the rugs, i.e. a total profit of 26 ETH or nearly $50,000, in 114 known coins.
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