Meme Coin Scam Nets Fraudster Over $315K in ETH

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Meme Coin Scam Nets Fraudster Over $315K in ETH
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Unidentified fraudster has netted over $315K in Ethereum

over $315,000 worth of Ethereum , using a strategy of creating and then abandoning meme coins.

Blockchain analysis platform Lookonchain revealed the fraudster's tactics in a series of tweets, providing Etherscan links to the four meme coins — TOMMY, KSI, ZUCK, and BILL — involved in the scam. The fraudster's modus operandi entailed the creation of a meme coin with a small amount of ETH, providing liquidity to gain investor trust. Once sufficient investment was attracted, the scammer would remove the liquidity, effectively taking the investment for themselves.

For example, the scammer started with 1.5 ETH from crypto exchange KuCoin to create the TOMMY meme coin, later walking away with 28.7 ETH — an impressive 1,813% return.

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