Rising Memecoins Scam: Fraudster Deceives and Steals More Than $2.6 Million in Cryptocurrency
An impostor, posing as the renowned crypto influencer Ansem, successfully orchestrated an elaborate scam that resulted in a staggering loss of over $2.6 million worth of Solana tokens (SOL).
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This scam unfolded on the social media platform X (formerly known as Twitter), where the impostor capitalized on the hype surrounding meme coins to deceive unsuspecting investors into participating in a fraudulent initial coin offering for a non-existent BULL token.
Despite warnings from ZachXBT, the fraudster, who went by the name Ansem, managed to lure victims by inserting a fake “BULL” token presale in the comments section of genuine posts by the real Ansem. This resulted in significant financial losses, with one victim alone losing $1.2 million.
An account impersonating @blknoiz06 managed to phish over $2.6 million today by replying to each of his posts and exploiting the current meme coin frenzy. The largest individual victim lost approximately $1.2 million.
Theft address: BUYgBfavHoGbfGYseyTWpzqKNeeYFjoJsgxiQcH4in4v
pic.twitter.com/ZKcoh5vaOs
— ZachXBT (@zachxbt)
March 16, 2024
Despite ZachXBT’s warning, the scammers seized the opportunity to siphon an additional $250,000 from desperate individuals immediately after Zach’s post. Similar fraudulent activities thrived across multiple accounts, perpetuating the scam and capitalizing on unsuspecting victims to maximize their ill-gotten gains.
This scam unfolded amidst the frenzy surrounding meme coins, with the allure being the rapid growth of the BoM meme (BOME) token. BOME, a meme coin based on Solana, gained significant media attention following its listing on the Binance exchange.
Paying attention to detail can protect you from fraud
The case of the fake Ansem account is just one example of how crypto scams are becoming increasingly perilous. Statistics from Scam Sniffer reveal that in February alone, approximately 57,000 individuals fell victim to crypto scams, resulting in a total loss of $47 million.
As the crypto ecosystem continues to evolve, investors must exercise extreme caution in their evaluations and choice of investment opportunities. Conducting thorough due diligence on projects and being cautious when engaging in online promotions can help prevent falling prey to fraudsters.
In this particular case, it was evident from the username that it did not match the original Ansem. Simple practices like carefully verifying minor details can save a significant amount of crypto from being drained away.