Cryptocurrencies, including memecoins, face significant challenges, including the prevalence of crypto scams. Sadly, even the memecoin market has been unable to evade these fraudulent activities. According to recent findings by ZachXBT, an on-chain investigator, a hacker has been exploiting the market and stealing millions of dollars.
ZachXBT’s report shows that the scammer carried out 114 memecoin scams in just 45 days, resulting in enormous losses for unsuspecting investors. The most shocking part of this fraudulent activity is that the scammer transferred most stolen funds from the victims to a single-deposit wallet address.
ZachXBT reported that the exact number of digital assets stolen in a recent crypto scam could not be determined as the scammer used alternative wallet addresses. This suggests that the amount looted could be higher than initially thought.
The suspected scammer allegedly sent the stolen digital assets to Coinbase, a regulated cryptocurrency exchange platform in the US. However, when questioned by ZachXBT, Coinbase stated that they did not report the suspicious activity as the amounts being sent were relatively small and difficult to detect.
Coinbase expressed confusion as to why the scammer would choose their platform for laundering, as there are allegedly better exchanges available.
In a recent report, CoinGurruu collected data from Twitter and identified a particular wallet address linked to the suspected scammers.
According to Guru, the scammers have accumulated enough funds to mitigate any potential risks, as it is believed that deploying a cryptocurrency token on the Ethereum network costs only between $500 and $800.
Following a previous news report, it has been revealed that fraudsters managed to infiltrate the security protocols of the decentralized exchange (DEX) Merlin, resulting in the illegal acquisition of more than $1.82 million in assets. The hacker exploited the security loophole to deplete the liquidity pool of funds.