SNEAK PEEK

  • The memecoin market is the new center of attraction for bad actors to target unsuspecting investors.

  • Photoshopped Etherscan screenshots were created to present a scenario that a PEPE deployer was involved with the scam. 

  • Previously, the account behind the exploit made people run harmful code to drain their funds.

It’s time for PEPE investors to stay alert! According to a recent update, certain unethical entities are deceiving PEPE owners by using false tactics via forged Etherscan screenshots. The cunning strategy is implemented in such a way that it seems as if PEPE’s deployer is part of scam activities. As is obvious, the intention is to create a lack of trust and confusion within the community.

Twitter account @serdegen0x collected 10 ETH via a presale, after which the tweet regarding the transaction was deleted. The act is a scam presale scheme, where scammers increase a cryptocurrency’s value artificially by creating hype about it.

Careful @serdegen0x is photoshopping Etherscan screenshots to make it look like the PEPE deployer is involved with his scam.

They pocketed 10 ETH from the presale and then deleted the tweet.

Account had me blocked by default as well. pic.twitter.com/Phao7AycDN

— ZachXBT (@zachxbt) May 18, 2023

The PEPE investor community looks like an easy target owing to its habit of involving itself in risky projects. Unfortunately, this tendency has led scammers to harm the project through attacks.

Other than photoshopped screenshots, scammers can utilize several deceptive strategies to cheat inexperienced PEPE investors. The rug pull scam is one such method where developers leave a project after generating substantial funds,  thus leaving investors helpless with useless tokens. 

The honeypot scam is another scheme where a token is created that can be purchased but can’t be sold. 

Meme coins and associated projects are vulnerable to scams aimed at stealing the funds of users without providing anything to them. Even when a project accumulates millions from presales or initial offerings, it uses the above mentioned schemes to make money without requiring a roadmap.

A few days ago, PeckShield reported the creation of over ten memecoin scams, such as BENZ, PEPEC, MEME, BOBO, PEPEDOGE, POP, FOUR, WOW, BMW, and NEWPEPE. 

#PeckShieldAlert We have detected a series of #rugpulls involving the creation of ~10 Scam #MEME Tokens within the last 3 days. #PEPEDOGE, #PEPEC, #WOW, #MEME, #FOUR, #NEWPEPE, #BENZ, #BMW, #POP, and #BOBO, which was created ~3 hours ago and has just had its liquidity removed.… pic.twitter.com/pVOUMwv5Qt

— PeckShieldAlert (@PeckShieldAlert) May 11, 2023

Last week, CertiK also issued a warning regarding a fake PEPE website that claimed to provide rewards. Users were alerted that the website was associated with a phishing contract.

PEPE’s Telegram group has been infiltrated by fake accounts, besides posting random links that redirect users to fraudulent websites. Creators of the token have warned users against linking their wallets to doubtful pages that claim to offer staking, giveaways, airdrops, raffles, claims, mints, and more. 

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