Scammers Rugpull Multiple BSC-based Memecoins, Netting $1.7M

Scammers orchestrated rug pull on multiple meme coins within the Binance Smart Chain (BSC), which mimicked original meme coin projects, illicitly profiting to the extent of $1.7 million.

Peck Shield, a prominent blockchain security firm, called attention to these rug pull moves in a post on X today.

According to the disclosure, the rugpull affected up to six unrelated memecoins on the Binance Smart Chain, with each perpetrator leaving with at least $270K in BNB.

SolDragon, Speero and Audify

The first project on the list is SolDragon (DRAGON), a counterfeit version of the Solana-based memecoin project SolDragon. The copycat version has the same name as the real project, a trend that can be observed across all the affected projects.

#PeckShieldAlert #Slippage SolDragon $DRAGON has dropped -100%
The deployer 0x4c79…b615 has swapped 100,100,100,100,100,100,100.1001 $DRAGON for ~1,006.36 $BNB (worth ~$304.6K)
*Note*: The #rugpull token shares the same name as the legitimate ones pic.twitter.com/Vf4KXyvHjB

— PeckShieldAlert (@PeckShieldAlert) January 15, 2024

Notably, the scammers created the fake SolDragon token yesterday at 12:57 (UTC) on BSC. Shortly after creating the token, the developers added liquidity to entice potential investors.

After garnering attention from the public, the token deployer swapped 100,100,100,100,100,100,100 tokens for 1,006 BNB worth over $304K at the time. Following the large-scale dump, the token collapsed 100%, leading to losses for all its 24 holders.

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The second token, Speero (SPEERO), is a copycat of another Solana-based memecoin of the same name. The individuals involved with this one created the fake token yesterday at 14:00 (UTC). Following the addition of liquidity, the token generated interest, attracting 24 holders.

Less than 30 minutes after creating the token, the contract deployer dumped 100,100,100,100,100,100,100 SPEERO for 975.9 BNB tokens valued at $300K at the time. The token immediately crashed 100%.

Audify (AUDI), another counterfeit memecoin, was created yesterday at 14:31 (UTC), two minutes after the SPEERO Rugpull occurred.

Interestingly, 30 minutes after creating AUDI, the deployer swapped 100,100,100,100,100,100,100 tokens for 956 BNB ($290K). The token also dropped 100%.

StarkPepe, BoxyDude, and MAR3AI

Scammers created another copycat memecoin StarkPepe (SPEPE) yesterday at 16:38 (UTC). Half an hour later, they sold off 100,100,100,100,100,100,100 SPEPE for 855 BNB ($280K), causing a 100% crash. 

The fifth token on the list, BoxyDude (BOX), also suffered a rugpull involving the sale of 100,100,100,100,100,100,100 tokens yesterday at 15:32 (UTC).

The individuals behind the token made away with 1,002 BNB ($303K) following the swap, which occurred 30 minutes after they created the token. 

MAR3AI (MAR3), another counterfeit token, also launched yesterday at 21:12 (UTC). After adding liquidity minutes later, the deployer then dumped 100,100,100,100,100,100,100 MAR3 at 21:43 for 984 BNB worth $300K, resulting in a 100% dump.

Notably, these are classic cases of crypto rug pull developments, underscoring the need for vigilance when investing in the crypto space.

While new meme coin projects have the potential to deliver substantial returns, they are also liable to be rug-pull projects. As a result, investors should carry out due research before any investments.