{"id":77947,"date":"2023-04-27T14:19:42","date_gmt":"2023-04-27T11:19:42","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=77947"},"modified":"2025-09-11T02:10:49","modified_gmt":"2025-09-10T23:10:49","slug":"expert-uncovers-address-that-created-114-fraudulent-meme-tokens","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/expert-uncovers-address-that-created-114-fraudulent-meme-tokens\/","title":{"rendered":"Expert uncovers address that created 114 &#8216;fraudulent&#8217; meme tokens"},"content":{"rendered":"<p>An unknown actor over the past 45 days created 114 &#8220;fraudulent&#8221; meme tokens and moved the funds raised from them to <a href=\"https:\/\/etherscan.io\/address\/0x739c58807B99Cb274f6FD96B10194202b8EEfB47\">one address<\/a>. This was noted by on-chain analyst ZachXBT.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Over the past 1.5 months one person has created 114 meme coin scams. <\/p>\n<p>Each time stolen funds from the scam are sent to the exact same deposit address. <\/p>\n<p>0x739c58807B99Cb274f6FD96B10194202b8EEfB47 <a href=\"https:\/\/t.co\/uwVAiG9WGG\">pic.twitter.com\/uwVAiG9WGG<\/a><\/p>\n<p>\u2014 ZachXBT (@zachxbt) <a href=\"https:\/\/twitter.com\/zachxbt\/status\/1651238822963826694?ref_src=twsrc%5Etfw\">April 26, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>A portion of the assets was funnelled through Coinbase.<\/p>\n<p>The analyst noted that none of the meme tokens are well-known coins. He did not rule out that there may be more such fake assets.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cI suspect there are others. These are only those sent to the [specific] deposit address,\u201d he wrote.<\/p>\n<\/blockquote>\n<p>In the thread&#8217;s comments, users noted that after each transaction the unknown actor deposits from Coinbase into his wallet 2.5-3 ETH to pay fees and maintain liquidity. Then he withdraws to his exchange wallet a profit of 0.1-0.2 ETH. Sometimes he even loses money on this.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\">seems like this person is only making 0.2 eth +- on each rug deployed. so lets call it 60 eth total made then. He even occasionally looses money from deployment costs. <a href=\"https:\/\/t.co\/Pq8ykAbzW9\">pic.twitter.com\/Pq8ykAbzW9<\/a><\/p>\n<p>\u2014 Umbrella (@umbrella_uni) <a href=\"https:\/\/twitter.com\/umbrella_uni\/status\/1651254671950872578?ref_src=twsrc%5Etfw\">April 26, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to ZachXBT, the exact amount earned cannot be calculated, as the user uses alternate wallets and fragments assets.<\/p>\n<p>In a ForkLog comment, the analysts at HAPI Labs stated that this series of transactions, especially considering costs, cannot be attributed to the rug pull <span data-descr=\"The practice of inflating the price of the created token in the liquidity pool followed by a sharp withdrawal; later other pool participants are left with devalued assets\" class=\"old_tooltip\">rug pull<\/span>. They estimate that the user has earned less than $100 000.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cThere is no precise legal definition of rug pull. But generally with such a scheme there is a team that states goals, promises that the token will have utility, floods it with substantial liquidity, lets users accumulate the coin, and then withdraws Ether or stablecoins from the pool, leaving users with nothing. Overall the scheme is similar, but here the individual does not make any promises and, for the most part, does not hide himself,\u201d experts explained.<\/p>\n<\/blockquote>\n<p>They are convinced that if needed, US law enforcement would have no trouble identifying the user via <span data-descr=\"Know Your Customer\" class=\"old_tooltip\">KYC<\/span> on Coinbase.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cIf Coinbase&#8217;s compliance team does not consider this money laundering, then there is little to fault. Moreover, none of our blockchain-analyst colleagues has yet defined his wallet as risky \u2014 rug pull wallets are marked as having the maximum level of risk,\u201d added HAPI Labs.<\/p>\n<\/blockquote>\n<p>Today, the whole episode, they say, appears to be a social experiment.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cThe user issues meme coins hoping to create a new Shiba Inu or PEPE, but in reality such stories without marketing and investment don\u2019t work. He preys on the greed of people who are willing to be deceived and buy any coin to make money. <\/p>\n<p>If later he earns several hundred thousand or millions on one token and people quickly lose their funds, then one could call it fraud. For now, this is very small,\u201d the analysts concluded.<\/p>\n<\/blockquote>\n<p>In the original thread, ZachXBT\u2019s followers also referenced a similar scheme found by user CoinGurruu. He found the address <a href=\"https:\/\/etherscan.io\/address\/0xcc16d5e53c1890b2802d5441d23639cac6cd646f\">address<\/a>, which over nearly two years conducted 2-5 rug pull attacks daily.  <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">This wallet has launched 2-5 memecoin rugs daily for almost 2 years straight:<\/p>\n<p>0xCc16D5E53C1890B2802d5441d23639CAc6cd646F<\/p>\n<p>These devs have incredible hustle. Make sure you label it on Etherscan so you don&#8217;t line their pockets with your money<\/p>\n<p>Absolute insanity. <a href=\"https:\/\/t.co\/ffNQ4sTGls\">pic.twitter.com\/ffNQ4sTGls<\/a><\/p>\n<p>\u2014 ?Guru ? (@CoinGurruu) <a href=\"https:\/\/twitter.com\/CoinGurruu\/status\/1651250297530974208?ref_src=twsrc%5Etfw\">April 26, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Today this address is marked as phishing on Etherscan.<\/p>\n<p>Earlier ForkLog reported that the user dimethyltryptamine.eth earned <a href=\"https:\/\/u1f987.com\/en\/news\/user-turns-260-into-2m-in-a-week-on-the-pepe-meme-token\">more than $2 million<\/a> in less than a week from operations with the meme token PEPE.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>An unknown actor over the past 45 days created 114 &#8216;fraudulent&#8217; meme tokens and sent the funds raised from them to one address.<\/p>\n","protected":false},"author":1,"featured_media":77948,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1227,1093,1161,596],"class_list":["post-77947","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-transactions","tag-defi","tag-memes","tag-tokens"],"aioseo_notices":[],"amp_enabled":true,"views":"17","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/77947","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=77947"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/77947\/revisions"}],"predecessor-version":[{"id":77949,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/77947\/revisions\/77949"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/77948"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=77947"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=77947"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=77947"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}