In recent months, crypto scammers have been launching numerous spurious memecoins, according to crypto sleuths ZachXBT and CoinGurruu. These tokens, inspired by popular internet jokes or memes, generally do not offer a serious utility or future use case. Instead, they often aim to take advantage of investors who are eager to jump on the latest crypto trend.

One particular wallet address, 0x739c58807B99Cb274f6FD96B10194202b8EEfB47, has been the source of “114 memecoin scams” in just the past 45 days, according to ZachXBT. The blockchain detective tracked the movements of this address and noted that each time stolen funds from the scam were sent to the exact same deposit address. However, it is difficult to calculate the exact financial figure of the alleged scamming activity, as the scammer used multiple wallets to split up the funds.

CoinGurruu also highlighted another alleged scammer wallet address, 0xCc16D5E53C1890B2802d5441d23639CAc6cd646F, which has allegedly launched “2-5 memecoin rugs daily for almost 2 years straight.” This highlights the proliferation of scam memecoins and the need for greater scrutiny and regulation in the crypto space.

While the sleuths have uncovered the fraudulent activities of these alleged scammers, it is concerning that these activities have gone undetected for so long. ZachXBT suggested that it may be difficult for exchanges like Coinbase to flag the activities, as the funds are generally being sent in smaller amounts at a time.

In a separate case, ZachXBT uncovered another alleged scammer via the wallet address they had tattooed on their back. Twitter user NazareAmarga, or Gabriel Marques, is alleged to have launched a nefarious-looking memecoin targeted at duping holders of the legitimate Nakamigos NFT project. According to ZachXBT, the wallet address tattooed on Marques was heavily involved in the scam that is said to have fetched around $110,000 worth of Ether.

These instances of memecoin scams highlight the importance of conducting thorough research before investing in any cryptocurrency. It also underscores the need for greater regulation and oversight in the crypto space to protect investors from fraudulent activities. As the crypto market continues to grow, it is critical to ensure that bad actors do not take advantage of unsuspecting investors.