Pepe Memecoin Attracts Scammers and Scams

Pepe Memecoin Attracts Scammers and Scams

Pepe memecoin has been gaining popularity in the cryptocurrency market. However, its hype has also attracted bad actors who have started creating scams related to the coin. According to blockchain security firm PeckShield, there have been at least ten memecoin scams created in the last three days. These scam tokens have had their liquidity removed, causing investors to lose their money. Fake Pepe claim sites are also becoming more prevalent, and cybersecurity company CertiK has issued a warning regarding a fake Pepe site claiming to provide rewards. The website was connected to a phishing contract, and the firm has alerted the community to be cautious.

Pepe Token’s Controversies

Pepe token has had its share of controversies. On May 5, Pepe hit a $1 billion market capitalization after being listed on Binance. The token surged by more than 4,000% since its creation in mid-April, reaching a total market cap of $1.82 billion. However, days after its peak, the token’s market capitalization sunk by more than a billion dollars. Crypto exchange Coinbase recently warned its users 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.

Pepe’s official community Telegram group has also been experiencing fake accounts’ occasional posts trying to redirect users to various websites. Channel members have been reporting and trying to ban users suspected of promoting scams. The Pepe token’s creators have repeatedly warned the community to refrain from connecting their wallets to pages with suspicious airdrops and giveaway claims. Besides, the team has highlighted that they are not associated with other tokens or projects.

Investors should be cautious when investing in the Pepe token to avoid being victims of scams. It is essential to verify all information before investing and to avoid connecting wallets to suspicious pages. As the popularity of the Pepe token continues to grow, scammers will likely continue to take advantage of the hype, making it crucial for investors to stay vigilant.

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