As the hype surrounding the Pepe memecoin intensifies, bad actors within the space have started to take notice, resulting in various scam attempts plaguing the crypto space. According to blockchain security firm PeckShield, there were at least ten meme coin scams created in the last three days alone. The firm detected and reported scam tokens that recently had their liquidity removed, pulling the rug on investors.
PeckShield’s alert on Twitter stated, “#PeckShieldAlert We have detected a series of #rugpulls involving the creation of ~10 Scam #MEME Tokens within the last 3 days. #PEPEDOGE, #PEPEC, #WOW, #MEME, #FOUR, #NEWPEPE, #BENZ, #BMW, #POP, and #BOBO, which was created ~3 hours ago and has just had its liquidity removed…”
On Twitter, fake Pepe claim sites are also starting to be more prevalent. Cybersecurity company CertiK also issued an alert on a fake Pepe site claiming to provide rewards. The firm warned the community that the website is connected to a phishing contract.
Meanwhile, the official Telegram group of the Pepe coin community has also been occasionally seeing posts from fake accounts, trying to redirect its members to various websites. Members of the group have tried to consistently report and ban the users who were suspected of promoting scams.
To tackle the rising scam attempts, the creators of Pepe coin have been actively cautioning the community about the risks associated with connecting wallets to suspicious airdrops and giveaway claims. They have emphasized that they will not be associated with other tokens or projects, urging investors to be vigilant and avoid falling victim to fraudulent schemes.
Despite the challenges posed by scammers, the Pepe memecoin managed to make a significant impact in the market. On May 5, the token hit a remarkable $1 billion market capitalization after it got listed on Binance. This surge in popularity propelled Pepe to gain over 4,000% since its creation in mid-April, resulting in a total marketcap of $1.82 billion. However, shortly after reaching its peak, the token’s market capitalization experienced a significant drop of over a billion dollars.
Apart from scam attempts, the Pepe token has also faced its fair share of controversies. Crypto exchange Coinbase recently issued a warning to its users, stating that Pepe has been “co-opted as a hate symbol by alt-right groups.” The exchange’s announcement received backlash from the Pepe community, with some demanding a retraction of the statement and threatening to close their accounts with the exchange.
In light of these developments, it is essential for investors and community members to exercise caution and stay informed. The Pepe memecoin frenzy has undoubtedly attracted attention, both positive and negative. While scammers attempt to exploit the hype, it is crucial to remain vigilant and follow the guidance provided by the official Pepe coin community. By conducting thorough research, avoiding suspicious websites, and staying updated on the latest scams, investors can protect themselves and their investments.
As the market for memecoins continues to evolve, it is essential to approach such investments with a critical mindset. While the potential for significant gains exists, so does the risk of scams and market volatility. By staying informed, exercising caution, and engaging in responsible investing practices, individuals can navigate the dynamic world of memecoins more effectively.
In the unfortunate event that you fall victim to fraud or a scam related to the Pepe memecoin or any other cryptocurrency, it’s crucial to seek assistance from reputable professionals who can help trace and recover your funds. Remember, taking prompt action and seeking the right help can make a significant difference in recovering your funds and holding scammers accountable.