On-chain sleuth ZachXBT has shed light on a scammer who rugged investors by creating 114 meme coins within 45 days.
The meme coin season kicked off recently, and scammers were quick to rug unsuspecting investors. Meme coins driven by various memes, such as the popular doge meme, have no utility. Some are created as a joke, whereas others are created to lure investors greedy for a quick return.
Meme Coin Creator Has Common Deposit Address
ZachXBT discovered that funds stolen from 114 meme coin scams were being sent to the “exact same deposit address,” 0x739c. The on-chain analyst also suspects that the scammer must have created more meme coins. He says, “These are just ones sent to that deposit address lol.”
Scammer Uses Coinbase to Launder Stolen Funds
The wallet 0x739c presently holds just $1.79 worth of Ethereum tokens (ETH). Interestingly, this account’s highest balance was just $2.05, recorded last Friday.
After receiving the stolen funds, the scammer transferred it in small batches of around 2.5 ETH to Coinbase addresses.
The chart below shows that the amount sent out from the wallet has remained almost equal to the amount received.
The community has raised concerns to Coinbase about why the exchange was unaware of the scammer using the platform. Crypto influencer @MsCryptomom1 believes that Coinbase should be able to identify the scammer easily due to the Know Your Customer (KYC) requirements.
However, ZachXBT says that the scammer didn’t come to Coinbase’s attention as the deposits were made in small amounts at a time.
On Tuesday, BeInCrypto reported that ZachXBT doxxed a non-fungible token (NFT) meme coin scammer Gabriel Marques. The scammer allegedly profited 60 ETH (approximately $110,000) through a meme coin presale for Nakamigos NFT collection.
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Source: https://beincrypto.com/hacker-scammed-114-memecoins/