Thursday, May 25, 2023

24 rug pulls In 10 days, scam tokens riding high

Scam coins are riding the wave of meme coin mania led by the PEPE coin frenzy. PeckShield detected 24 scam meme tokens within the last 10 days that rug pulled their investors. A 'rug pull' is where a developer will promote a project such as a new coin or NFT release and then disappear with the money. The perpetrators are virtually impossible to track down, and then they start another.

Fake meme tokens including BENS, PSYOP, FOG, TINDER, and WorldCoin had their liquidity removed in the last 10 days. These all emerged from the ongoing meme coin mania and trended on social media for one reason or another. SEI token crashed the day it arrived. PeckShield warned against 10 meme coins created within three days by scammers. Scam token BOBO, created within a few hours, had its liquidity removed soon after it got a few heavy investments, a definition of a rug pull scam. Peckshield warned against these fake meme coins: SHITMEME, BENS, WorldCoin, MONKEYS, ERDR, Magneto, STARK, ZAT, LADYBOY, USACOIN, WLD, POGO, Miniclip, PORN, FROGS, RNDT, PSYOP, POPCAP, FOG, TEMU, TINDER, TAGGED, SEI, and BEREAL.

In 2021, rug pulls took over $2.8 billion worth of cryptocurrency from victims, accounting for 37% of all cryptocurrency scam revenue in 2021.