Blockchain Safety Agency Identifies 24 Rip-off Meme Tokens in Ten Days

• There’s a surge within the variety of rug pulls involving meme tokens.
• PeckShield has detected about 24 rip-off meme tokens inside the final ten days.
• SEI token eliminated its liquidity lower than three hours after it was created.

There’s a surge within the variety of rug pull involving meme tokens within the cryptocurrency trade. In accordance with PeckShield, a blockchain safety firm, it has detected about 24 rip-off meme tokens inside the final ten days.

The rip-off meme cash detected by PeckShield embody 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.

PeckShield famous that SEI, created barely three hours earlier than the alert, already had its liquidity eliminated. It noticed the scammers initially funded 5.19 ETH from OKX and pumped the token’s value to trick and suck in followers. Nevertheless, they swiftly drained the pool shortly thereafter, leaving buyers stranded.

Rugpull in crypto is when a projector developer or staff deliberately hypes the challenge to deceive and entice unsuspecting buyers, solely to instantly shut down or disappear and intentionally run away with buyers’ funds. It’s a darkish aspect of the cryptocurrency trade that thrives on the decentralized nature of the trade.

Sadly, the pseudo-anonymous nature of the trade makes it exhausting to determine and clamp down on the precise perpetrators of rug pulls. Nevertheless, customers’ finest effort is to search out methods of figuring out tasks with such potential and keep away from them earlier than they occur.

One of many respondents to PeckShield’s alert berated the crypto trade due to the rampant scams. The Twitter consumer, Pascal Morsely, questioned if the world is prepared for crypto. In accordance with Morsely, there are too many scams and no preventive measures within the crypto trade. He famous that the frequency of rug pulls is likely one of the causes customers would all the time want centralized exchanges (CEX) over decentralized exchanges (DEX).

PeckShield cautioned customers over the rising variety of rip-off meme cash, advising them to not fall prey to any of them.