Scammers Are Exploiting PEPE Memecoin Hysteria: Report

Driven by hype and hysteria, memecoins went from being obscure and exotic to a massive gambling tool that made people millionaires overnight.

PEPE is the latest sensation that has captured the imaginations of some of the most insatiable perverts in space. This frog-themed coin continued to climb to dizzying heights as FOMO flooded the market. But the latter is the deceiver’s best friend.

Memquine Craze

Crypto Twitter is full of stories about how the early investors in PEPE became overnight millionaires. While PEPE has succeeded in bringing about a memecoin renaissance, it has also generated several scam tokens over the past week.

Blockchain security company PeckShield notice Create at least 10 memecoin scams like PEPEDOGE, PEPEC, WOW, MEME, FOUR, NEWPEPE, BENZ, BMW, POP, BOBO. The creators behind the reported scam token allegedly removed liquidity and pulled out unsuspecting investors.

Scammers also target PEPE investors. Cybersecurity firm CertiK issued a warning last week about a fraudulent PEPE website purporting to offer bounties and alerted that the website was linked to a phishing contract.

Fake accounts have infiltrated the official memecoin community Telegram group as well, posting spam links in an attempt to redirect users to fraudulent websites. Token creators have done it again and again urge The community should strive and beware of linking their wallets to shady pages that claim to offer airdrops, pinning, claims, scrapes, raffles, gifts, etc.

Pap differences

Despite being lauded by the head of Twitter, Elon Musk, who recently shared a meme with PEPE the Frog on his Twitter account, memecoin has attracted its fair share of controversy. For example, US cryptocurrency giant Coinbase sent an email newsletter to its customers describing the PEPE meme as a “hate symbol” chosen by alt-right groups.

A firestorm of criticism followed on Twitter, and the hashtag #deletecoinbase started appearing on the social networking site for a while. The newsletter has been around ever since edited While Coinbase’s chief legal officer, Paul Grewal, apologized for the incident.