Memecoin market has emerged as the breeding ground for threat actors targeting unsuspecting investors.
overnight. While PEPE did manage to bring a memecoin renaissance, it also triggered the creation of numerous scam tokens over the past week.the creation of at least 10 memecoin scams such as PEPEDOGE, PEPEC, WOW, MEME, FOUR, NEWPEPE, BENZ, BMW, POP, and BOBO. The creators behind the flagged scam token allegedly removed the liquidity and rug-pulled unsuspecting investors.
Scammers are also targeting PEPE investors. Cybersecurity firm CertiK issued a warning last week about a fraudulent PEPE site claiming to offer rewards and alerted that the website is linked to a phishing contract.Fake accounts have infiltrated the official community Telegram group of the memecoin as well, posting random links in an attempt to redirect users to fraudulent websites.
the community to be diligent and warned against connecting their wallets to suspicious pages claiming to offer airdrops, staking, claims, mints, raffles, giveaways, etc.Despite being hailed by the Twitter boss, Elon Musk, who recently shared a meme with PEPE the Frog on his Twitter handle, the memecoin drew a fair share of controversies. For one, US crypto giant Coinbase sent out an email newsletter to its customers describing the PEPE meme as a “hate symbol” co-opted by alt-right groups.
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