Scammers Rugpulls On Fake Memecoins, Run Away With 134 ETH

Written By:
Gopal Solanky

Last updated: February 12, 2024 4:47 AM

Published October 30, 2023 10:53 AM

Last updated: February 12, 2024 4:47 AM

Published October 30, 2023 10:53 AM

Scammers Rugpulls On Fake Memecoins Run Away With 134 Eth

Amid a sharp uptrend in the cryptocurrency market, fraudsters and scammers have also become active. In the latest event, a scammer has rug-pulled on three different fake memecoins.

According to PeckShield, three fake memecoins–MEME, MEMEPAD and TITANX–have dropped 100% at the same time and in the same manner, probably by the same entity.

#PeckShieldAlert #Slippage TITANX $TITANX on #Ethereum has dropped -100%

0xBd72…5871 has swapped 4,854,740,126,240,000 $TITANX for ~46 $ETH

*Note*: The #rugpull token shares the same name as the legitimate ones pic.twitter.com/de5GWJI4EV
— PeckShieldAlert (@PeckShieldAlert) October 30, 2023

The fake Memecoin (MEME) and both other tokens, MEMEPAD and TITANX, were created just a day before the rugpull.

All three coins have now dropped 100% after developers swapped their tokens and drained liquidity pools on Uniswap.

Meme Down 100% - Tradingview — MEME

Memepad Down 100% - Tradingview — MEME

Data from Etherscan shows that the swaps were executed at the same time, which combined drained 134 ETH, approximately $243k from liquidity pools.

Also Read: Cardano’s $SNEK Memecoin Surges with +56% in a Week

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By Gopal Solanky

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Gopal is a passionate crypto researcher & writer with a keen interest in innovations. Being in crypto space for over 4 years of period, he has gained extensive knowledge and technical understanding in DeFi by studying various protocols and decentralized infrastructures.