Blockchain sleuths uncover 114 meme coin scams by one wallet.

Summary:
– One address is responsible for launching 114 meme coin scams in the past 45 days, according to blockchain investigator ZachXBT.
– The scams involve defrauding owners of authentic Nakamigos NFT project tokens by creating malicious-appearing meme coins.
– The suspected con artist has used several different wallets to distribute the stolen money, making it difficult to ascertain how much money has been stolen.

Introduction

According to blockchain investigator ZachXBT, one address is responsible for launching 114 meme coin scams in the past 45 days. The scams involve defrauding owners of authentic Nakamigos NFT project tokens by creating malicious-appearing meme coins. The suspected con artist has used several different wallets to distribute the stolen money, making it difficult to ascertain how much money has been stolen.

The Investigation

ZachXBT followed the transactions of the wallet address in a discussion on Twitter on April 26. He observed that stolen funds from the scam were sent to the same deposit address each time. Because the suspected con artist in issue had utilized several different wallets to distribute the stolen money, the independent blockchain detective could not compute a monetary value to represent how much money the alleged con had managed to steal.

The Suspect

It is believed that the Twitter account NazareAmarga, also known as Gabriel Marques, is responsible for launching the scam. This week, ZachXBT seems to have identified yet another possible con artist using the wallet address tattooed on the suspect’s back. According to ZachXBT, the wallet address tattooed on Marques and seen through a social media post online was extensively engaged in the fraud that is said to have garnered around $110,000 worth of ether (ETH).

The Laundering

Lucrafund, another user on Twitter, also conducted some investigating and shared a snapshot of his findings on the thread. The image demonstrated that the “criminal mastermind” had wired part of the stolen assets to a Coinbase account, disclosing a critical personal identity, which raised questions from certain Twitter users about whether the firm was unaware. ZachXBT noted that it’s smaller amounts at a time so imagine it’s harder to detect. He wasn’t sure why they would use Coinbase since there are better exchanges to launder on.

The Takeaway

Crypto fraudsters have launched fraudulent meme coins increasingly rapidly over the previous two months. Investors should always do their own research and avoid buying into hype, especially when it comes to meme coins and other cryptocurrencies with no underlying value or use case. Additionally, exchanges and other crypto service providers must remain vigilant and improve their monitoring and prevention of fraudulent activities.