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An unidentified scammer has been detected siphoning off 315,000 dollars worth of Ethereum by creating various memecoins in the market, much like a bird hunting its prey. This nefarious strategy involves launching these memecoins and then draining the provided liquidity for high profits.
Approximately 170 ETH Drained with 4 Altcoins
Blockchain analysis platform Lookonchain has revealed the tactics of the scammer who defrauded $315,000 via a series of tweets. According to Lookonchain, the fraudster created 4 altcoins named TOMMY, KSI, ZUCK, and BILL to lure investors.
The scammer’s methodology relies on creating a memecoin with a small amount of Ethereum while providing liquidity to gain investors’ trust. Once a sufficient amount of investment is pulled in, the provided liquidity is withdrawn, with the scammer effectively claiming the entire investment made into the altcoin.
For the creation and liquidity provision of the TOMMY memecoin, the scammer withdrew 1.5 ETH (worth $3,200 at the time of withdrawal) from the crypto exchange KuCoin. The scammer then withdrew 28.7 ETH from the altcoin, marking an impressive gain of 1,813%. The same strategy was deployed on KSI, ZUCK, and BILL memecoins, where the fraudster garnered an additional 168.7 ETH from these 4 altcoins.
Since then, the scammer has created two new memecoins named WALTER2.0 and GIGA2.0 and has added liquidity to both projects, currently in a state of waiting. No withdrawal has been made from these two memecoins yet. Lookonchain has warned investors about the situation and called for avoidance of these two altcoins.
Investors Must Be Cautious
This $315,000 heist underlines the natural risks involved in the memecoin market, where high profits usually come hand in hand with high risks. Lookonchain advises investors to be cautious and thoroughly investigate the creators of any memecoin they consider purchasing. The importance of investor education in the fast-paced and often unregulated world of cryptocurrencies was also emphasized.
