Alleged crypto scammer launched 114 memecoins in 45 days

According to market sentiment, the bull market in crypto has returned, as evidenced by how memecoins are springing up again. Some creators of these speculative tokens try harder than others. One alleged scammer released 114 memecoins in just 45 days.

Huge number of shitcoin scams?

Nowadays anyone can release a cryptocurrency – yes, anyone. Unfortunately, scams are all the rage these days, and scammers are making frequent use of the speculative side of the crypto industry. Twitter-based on-chain analyst ZachXBT has discovered that one Ethereum (ETH) wallet address is the destination of proceeds from a whopping 114 alleged scams.

Bizarrely, the wallet address in question belongs to Coinbase – other Twitterers are complaining about how the crypto exchange hasn’t done a better job of banning the customer from the platform. According to the discoverer, these are smaller transactions, which are more difficult to detect. The scammer (or scammers) could also have many more projects. The 114 coins examined are just the projects whose money ends up at the Coinbase address.

Another scammer named Gabriel Marques has according to the same Twitter user under the Twitter name @NazareAmarga scammed investors in the legitimate Non-Fungible Token (NFT) project Nakamigo. At least 20 Nakamigo investors are said to have put money into ‘MathcoinETH’ (MATH). Unfortunately, criminals are currently very active in crypto, for example, the US government has shut down five projects that lured in investors with Artificial Intelligence (AI).

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Memecoins are rising sharply

Since the start of the uptrend, memecoins have started to make a comeback. In fact, the new Doge meme-inspired token BONK is up thousands of percent, while most other coins are still struggling to escape from the deep bear market.

Meanwhile, Dogecoin founder ‘Shibetoshi Nakamoto’ called the entire crypto industry completely absurd. He thinks the crypto industry is going to cause a lot of pain. There are also indications that Dogecoin does not seem to be gearing up for another big surge.

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