blockchainreporter.net
Crypto exploiters have increased their operations in recent months despite the efforts targeted the enhanced regulations. In this respect, the latest data indicates another such incident. Lookonchain, a well-known blockchain analytics company, has mentioned on Twitter that the platform detected a MEME Tokens scammer.
Lookonchain Exposes a Scammer Who Exploited up to 160 ETH with Meme Tokens
As per the blockchain analytics firm, the exploiter targeted the victims by tempting them with new meme tokens. It added that the scammer remained successful in swindling more than 160 Ether (ETH) tokens (nearly $315K) from the targeted people. For this purpose, the exploiter developed exclusive meme tokens.
Following that, the fraudster grasped the attention of the unsuspecting investors by providing liquidity. The respective provision of liquidity attracted the people who gave their funds to the scammer. As a result of that, the scammer effectively took away the entirety of the ETH tokens present within the pool in the coming days.
Lookonchain also revealed that the exploiter extracted 1.5 ETH tokens from the crypto prominent crypto exchange KuCoin. Then the scammer developed the meme crypto coin named TOMMY. On that token, the exploiter offered liquidity of up to 1 ETH. Nonetheless, the purpose of providing this liquidity was just to take funds from the investors to exploit them.
Eventually, after up to eighteen days, the scammer eliminated the respective liquidity. Subsequently, the exploiter obtained up to 28.7s ETH tokens. Apart from that, the blockchain analytics forum also shared links to the wallet addresses associated with the scammer. Moreover, the company provided screenshots related to the transactions on Twitter.
The Exploiter Removes Liquidity to Swindle Unsuspecting Investors
According to Lookonchain, the exploiter utilized the same method to develop the meme tokens BILL, ZUCK, and KSI. This led to the exploitation of up to 140 ETH tokens on the removal of the liquidity provided by the scammer. Blockchain analytics moved on to disclose some more operations carried out by the swindler. It asserted that the scammer developed a couple of more meme tokens.
After creating the GIGA2.0 and WALTER2.0 tokens, the exploiter provided liquidity of nearly 2 ETH. Nevertheless, Lookonchain added, the liquidity of the respective tokens has not been removed by the scammer yet. Additionally, the platform advised the investors not to purchase the respective tokens. It also cautioned people against buying the meme tokens if they are unaware of the creator thereof.