Shitcoins Spread Danger Using Memecoin Wave

Asher Tame
Asher Tame Crypto
2 Min Read

Newly launched meme coin Pepe (PEPE) has inspired a wave of memecoin hype and unfortunately scammers have capitalized on this interest by launching shitcoins intended to deceive investors . PeckShield has found 24 memecoins trying to scam its users over the last 10 days .

24 Fraudulent Memecoins Detected in Last 10 Days

Memecoin mania has been seized upon by scammers who have stolen millions of dollars from unsuspecting investors by creating and quickly liquidating altcoins . PeckShield, a blockchain security company, claims that in the previous 10 days hundreds of memecoins have been shut down resulting in the loss of tens of thousands of dollars for investors .

PeckShield has stated that twenty-four alternative cryptocurrencies had been drained during the previous ten days . All of those altcoins came into being in the midst of the current memecoin frenzy and the fact that these phrases are trending on social media for various reasons .

It was discovered earlier today that the newly formed SEI coin had its liquidity drained and investors’ money stolen . PeckShield claims that the scammers behind the SEI token stole 5.19 ETH from the OKX exchange by artificially inflating the price of the token to entice investors and then spent all of the available funds .

shitcoins spread danger using memecoin wave

Scammers Used Bitcoin Pizza Day to Scam People

Unfortunately the 13th anniversary of Bitcoin Pizza Day was used heavily by scammers who creates these shitcoins . Bitcoin Pizza Day is celebrated annually on May 22 in honor of the day in 2010 when a man called Laszlo Hanyecz spent 10,000 BTC on two pizzas . To capitalize this hype scammers created 14 altcoins, and they made over $200,000 in revenue .

According to DEXTools, a decentralized token data analysis tool, on Bitcoin Pizza Day roughly 14 altcoins were found to mislead investors . PeckShield issued a warning to its users on the newly launched BEREAL token advising them to avoid purchasing this altcoin .

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Asher Tame
By Asher Tame Editor-in-chief
Hi there! My name is Asher, and I'm a Finance Editor based in Canada. I'm passionate about all things finance and have spent years honing my skills in the industry. I graduated from the Master of Finance program at the University of Toronto, which provided me with a strong foundation in financial theory and practice. Since then, I've worked in a variety of finance-related roles, including as a financial analyst and a financial advisor. These experiences have given me a deep understanding of the industry and a keen eye for detail. As a Finance Editor, I'm responsible for overseeing the financial content produced by my team of writers. I work closely with them to ensure that our articles are accurate, insightful, and relevant to our readers. I'm committed to providing our readers with the information they need to make informed decisions about their finances.
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