The PEPE memecoin has become the latest sensation in the cryptocurrency world, with its frog-themed coin making many people millionaires overnight. However, the frenzy surrounding the coin has also led to the creation of numerous scam tokens.
Scams and Frauds
Blockchain security firm PeckShield has identified at least 10 memecoin scams, including PEPEDOGE, PEPEC, WOW, MEME, FOUR, NEWPEPE, BENZ, BMW, POP, and BOBO. The creators of these scam tokens allegedly removed the liquidity and rug-pulled unsuspecting investors.
Targeting PEPE Investors
Scammers are also targeting PEPE investors through fraudulent websites and fake accounts infiltrating the official community Telegram group. Cybersecurity firm CertiK has issued a warning about a phishing contract linked to a fraudulent PEPE site claiming to offer rewards.
Despite being supported by Elon Musk, the memecoin has faced controversy. US crypto giant Coinbase described the PEPE meme as a “hate symbol” associated with alt-right groups in an email newsletter to its customers.
Investors are urged to be diligent and to avoid connecting their wallets to suspicious pages claiming to offer airdrops, staking, claims, mints, raffles, giveaways, etc. As with any investment, it is important to do your research and exercise caution before investing in any memecoin.
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