One Person Created 114 Memecoin Scams in 45 Days

A single wallet address behind over a million memecoin-related scams deposited the stolen funds to Coinbase in small installments.

On-chain sleuth ZachXBT uncovered 114 memecoin scams created by a single wallet address in under two months.

In a tweet shared on Wednesday, ZachXBT shared the names and smart contracts of a plethora of meme cryptocurrencies tied to a single deposit address.

Over the past 1.5 months one person has created 114 meme coin scams.

Each time stolen funds from the scam are sent to the exact same deposit address.

0x739c58807B99Cb274f6FD96B10194202b8EEfB47 pic.twitter.com/uwVAiG9WGG

— ZachXBT (@zachxbt) April 26, 2023

“I suspect there are more too. These are just ones sent to that deposit address lol,” tweeted the anonymous blockchain researcher.

ZachXBT was also unable to calculate the profit made from each of these scam tokens because the creator splits up funds into alternate wallets.

“Seems like he deposits from [C]oinbase 2.5-3 ETH every time for gas fees and LP, Rugs the chart, pulls usually on average (as seen from 4-5 transactions) 0.1 – 0.2 ETH of profit, transfers back to wallet listed above and withdraw to [C]oinbase. Then REPEAT same process,” concluded Ninja Lounge.

One user who analyzed the funds sent to the address concluded that at least 318 ETH was made through this meme coin scam.

Earlier today, Zach reported on 114 memecoin rugs being sent to the same deposit address.

I added up that 318 eth was sent to this address. Obviously this isn’t the total sum of all the eth they probably made, but this is the sum sent to this address. pic.twitter.com/Vhs13CfIpL

— borovik.eth (@3orovik) April 27, 2023

It would also appear that the user behind the wallet in question doesn’t seem too concerned about covering their tracks, with blockchain data showing that some of the stolen funds are sent to crypto exchange Coinbase.

According to ZachXBT, the smaller transaction amounts likely flew under the exchange’s radar. However, the user’s identity can still be tracked down if they didn’t use a fake KYC to register with the exchange.

A separate analysis from Twitter user “CoinGurruu” posted earlier in the day shows that another wallet address executed a similar strategy over the course of two years.

This wallet has launched 2-5 memecoin rugs daily for almost 2 years straight:

0xCc16D5E53C1890B2802d5441d23639CAc6cd646F

These devs have incredible hustle. Make sure you label it on Etherscan so you don't line their pockets with your money

Absolute insanity. pic.twitter.com/ffNQ4sTGls

— 💐Guru 💐 (@CoinGurruu) April 26, 2023