One man has been found to be the mastermind behind the launch of 114 dubious memecoins in just two months
ZachXBT discovers Memecoin connection
MyEtherWallet (MEW) is a popular online wallet for storing and managing multiple cryptocurrencies. However, according to the latest reports, a MEW user issued 114 memecoins with no real purpose or value. Instead, they are designed to attract investors and generate profits for wallet owners. This has raised concerns in the crypto community about potential scams and fraud in the industry, as well as the need for increased regulation and oversight.
Blockchain sleuth ZachXBT and other Internet sleuths have identified just one person behind the 114 memecoin scam. After each rug pull, the stolen funds were stored at the same wallet address – 0x739c58807B99Cb274f6FD96B10194202b8EEfB47. After tracking down all the coins, he discovered that the scammers managed to collect these cryptocurrencies while remaining relatively stealthy by using multiple alternate wallet addresses and splitting the proceeds.
BSC criticized for lack of oversight
Memecoin was launched on the Binance Smart Chain (BSC) platform, which has become a popular destination for creating and trading new cryptocurrencies. However, the platform lacks oversight and regulation, making it a prime target for fraudulent activity, including spreading such memecoin scams.
The report also highlights that the creators of the memecoin have not revealed their identities, raising doubts about their intentions and credibility. This lack of transparency is a common tactic scammers use to avoid detection and prosecution.
In response to the allegations, Binance Smart Chain said it was taking steps to improve its security measures and combat fraudulent activities. The platform also encourages users to exercise caution when investing in new cryptocurrencies and to conduct due diligence before making an investment decision.
Experts call for regulation
The crypto industry is flooded with hacker and attacks, many of which were Zach XBT he himself.Korean Lazarus As the mastermind behind a series of attacks against encryption companies in the United States, the group also poses a serious threat to the market.
These reports highlight the need for increased regulation of the crypto industry. While the decentralized nature of cryptocurrencies has many benefits, it also makes it challenging to regulate and monitor the activities of individuals and organizations within the industry.
Experts are calling for greater cooperation among industry players, regulators and law enforcement agencies to address these issues and prevent fraud and scams from damaging the reputation of the industry as a whole. They also advise investors to exercise caution and only invest in established cryptocurrencies with a successful track record.
Disclaimer: This article is for informational purposes only. It does not provide or be intended to be used as legal, tax, investment, financial or other advice.