Onchain Sleuths: Scammers Launched 2-5 Memecoin Rugs Daily for Two Years

Crypto sleuths have uncovered a surge in the launch of spurious memecoins by scammers over the past two months. One address alone has launched “114 memecoin scams” in the past 45 days, according to research from blockchain detective ZachXBT.

The independent investigator tracked the movements of wallet address 0x739c58807B99Cb274f6FD96B10194202b8EEfB47, noting that “each time stolen funds from the scam are sent to the exact same deposit address”. The alleged scammer split up the funds into multiple wallets, preventing ZachXBT from calculating the financial gain.

Another Twitter user CoinGurruu also posted a similar thread highlighting the alleged scammer wallet address 0xCc16D5E53C1890B2802d5441d23639CAc6cd646F, which has allegedly “launched 2-5 memecoin rugs daily for almost 2 years straight.”

“These devs have incredible hustle. Make sure you label it on Etherscan so you don't line their pockets with your money. Absolute insanity,” they wrote.

TokenInsight is dedicated to covering the most important and cutting-edge trends in the world of crypto. If you have information to share with us, please feel free to contact our email news@tokeninsight.com. Your trust will be well respected.