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Fraudsters have exploited the meme coin hype, prominently led by the bombshell Pepe (PEPE), to launch scam coins with the aim of defrauding investors. PeckShield announced it identified 24 meme coins that have scammed investors in the past 10 days.
24 Altcoins Unplugged Amid Memecoin Hype
Scammers have not missed the opportunity to create altcoins, liquidate them, and steal millions of dollars from investors amidst the meme coin hype. According to research conducted by blockchain security company PeckShield, dozens of meme coins were liquidated in the last 10 days, defrauding tens of thousands of investors.
PeckShield disclosed 24 altcoins, including BENS, PSYOP, FOG, TINDER, and WorldCoin, whose liquidity was drained in the last 10 days. All these altcoins were launched amidst the ongoing meme coin hype and due to these terms trending on social media for one reason or another.
Earlier today, it was observed that the liquidity of the newly created SEI token was also drained, resulting in theft from investors. PeckShield reported that the scammers behind the SEI token initially funded it with 5.19 ETH from OKX exchange, sharply increased the token price to attract investors, and then emptied the liquidity pool.
On Bitcoin Pizza Day, commemorating the 13th anniversary of May 22, 2023, when Laszlo Hanyecz paid 10,000 BTC for two pizzas, fraudsters seized the opportunity and launched 14 pizza-themed altcoins in the market, earning over $200,000.
Numerous “Pizza”-themed Shitcoins Launched on Bitcoin Pizza Day
DEXTools, the decentralized token data analysis platform, reported that approximately 14 altcoins were launched on Bitcoin Pizza Day with the intent to defraud investors, with most of these altcoins having a fraudulent intent.
PeckShield has recently issued a warning to investors about the newly launched BEREAL token, advising against any investment in this altcoin.
