Meme Coin Craze: Over $2.6M In Crypto Vanishes In Brazen Solana Scam By Fake Influencer

March 19, 2024

The latest meme coin craze has catapulted both new and existing digital tokens into the stratosphere, driven by an intoxicating blend of social media frenzy, influencer endorsements, wild trading and the all-too-familiar Fear Of Missing Out (FOMO). Amid this digital gold rush, savvy yet sinister players have found crafty methods to dupe the unwary.

A glaring instance of this trend is the audacious Solana scam, where over $2.6 million in cryptocurrency vanished into thin air, masterminded by a fraudster masquerading as a crypto influencer.

An individual impersonating renowned crypto influencer Ansem (@blknoiz06) conned individuals out of over $2.6 million in Solana tokens through a bogus meme coin offering on the social media giant X (previously known as Twitter). 

Rugpull victim-turned-digital detective ZachXBT unveiled how this cyber swindler capitalized on the meme coin frenzy, pocketing millions in crypto assets merely by responding to each of the cybercriminal’s posts. The investigation highlighted a particularly alarming case: “The largest single victim lost approximately $1.2M” to this cunning scheme.

The impostor advertised a fictitious, non-existent “BULL” token presale in the comments section of legitimate posts by the real Ansem, leading to significant financial losses. ZachXBT said the victims were drained and the sad part is they did not send the crypto assets “willingly.”

ZachXBT highlighted the particularly distressing fact that these victims did not willingly send their crypto assets, indicating a sophisticated level of deception was at play.

This deceit extended even beyond initial warnings with the impostor adeptly pilfering an additional $250,000 from other victims. This incident isn’t isolated; it’s part of a wider trend of similar scams plaguing the social media platform, reflecting a growing challenge in digital trust and security.

On Monday, ZachXBT sounded the alarm on another scam unfolding within the meme token sphere, where a cybercriminal, previously successful in amassing a six-figure sum through a token presale, has resurfaced using another account with intentions to deceive yet more victims. 

The on-chain detective issued a “Community Alert” via social media, warning of the individual known as 0xNibba, who, after securing a substantial haul from an initial presale, has returned under the guise of @richmoneysol, aiming to orchestrate another fraudulent presale. Although the suspect’s account was temporarily deactivated, ZachXBT advised the community to remain vigilant, predicting that the account is likely to be reactivated in the future, potentially setting the stage for further scams.

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