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As the hype around the PEPE memcoin intensifies, attackers in the space have begun to take notice, leading to various scam attempts in the cryptocurrency space.
According to blockchain security company PeckShield, at least ten fake memes have been created in the past three days alone. The firm discovered and reported fraudulent tokens that had recently had their liquidity removed, which thwarted investors.
#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, #POPand #BOBOwhich was created ~3 hours ago and has just had its liquidity removed.… pic.twitter.com/pVOUMwv5Qt
— PeckShieldAlert (@PeckShieldAlert) May 11, 2023
Fake sites with claims about Pep are also becoming more common on Twitter. Cybersecurity firm CertiK also posted a warning about a fake Pepe site claiming to be providing bounties. The firm has alerted the community that the website is linked to a phishing contract.
Meanwhile, the official Telegram group of the Pepe coin community also sees messages from fake accounts from time to time in an attempt to redirect their members to various websites. Members of the group have attempted to consistently report and ban users suspected of promoting fraudulent activities.
gm
couple of reminders
1. $pepe has no airdrops, staking, claims, mints, raffles, giveaways, etc. these are all scams. do not connect your wallet.
2. the $pepe team is not and will not be involved with the development of any other tokens or projects. any claims are false. pic.twitter.com/dzk6t7Sjlf— Pepe (@pepecoineth) May 6, 2023
The creators of the Pepe coin have repeatedly warned the community to refrain from connecting their wallets to suspicious airdrops and giveaways. In addition, the team emphasized that they will not be associated with other tokens or projects.
Related: PEPE vs DOGE: How Memcoins First Hit $1 Billion Market Cap
On May 5, PEPE memcoin reached a market capitalization of $1 billion after it was listed on Binance. The token has grown over 4,000% since its inception in mid-April, garnering a total market capitalization of $1.82 billion. However, a few days after the jump, the market cap of the token dropped by more than a billion dollars.
The token has also had its share of controversy. Cryptocurrency exchange Coinbase recently warned its users that Pepe is being “used as a symbol of hate by alt-right groups.” The announcement of the exchange drew backlash from the Pepe community, some of whom demanded a retraction of the statement and threatened to close their accounts on the exchange.
