On-chain sleuth ZachXBT uncovered 114 memecoin scams created by a single pockets take care of in below two months.

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

“I believe there are extra too. These are acceptable ones sent to that deposit take care of lol,” tweeted the anonymous blockchain researcher.

ZachXBT changed into additionally unable to calculate the revenue made from every of these rip-off tokens for the reason that creator splits up funds into alternate wallets.

“Appears fancy he deposits from [C]oinbase 2.5-3 ETH every time for gas fees and LP, Rugs the chart, pulls customarily on moderate (as seen from 4-5 transactions) 0.1 – 0.2 ETH of revenue, transfers abet to pockets listed above and withdraw to [C]oinbase. Then REPEAT linked direction of,” concluded Ninja Lounge.

One one that analyzed the funds sent to the take care of concluded that no much less than 318 ETH changed into made thru this meme coin rip-off.

It might well perchance maybe additionally appear that the particular person at the abet of the pockets in inquire doesn’t appear too serious about masking their tracks, with blockchain files showing that a number of of the stolen funds are sent to crypto change Coinbase.

In step with ZachXBT, the smaller transaction amounts seemingly flew below the change’s radar. However, the particular person’s identity can restful be tracked down if they didn’t consume a fraudulent KYC to register with the change.

A separate evaluation from Twitter particular person “CoinGurruu” posted earlier in the day shows that one more pockets take care of performed a identical approach over the direction of two years.