Rug Pull Alert: MEME, MEMEPAD, and TITANX Replicas Lose 100% Each

PeckShield, an industry-leading blockchain security company, has reported multiple rug pulls in the past hour. The rug pulls involved separate meme coins whose values dropped by 100%, with those behind them swapping the native tokens to ETH.

The security company listed the affected meme coins, each of which bore a name that mimicked another existing meme coin. The affected meme coins were: MEME, MEMEPAD, and TITANX, all created on the Ethereum blockchain.

PeckShield, through its alert platform, shared details of the rug pull, including the wallet addresses used to carry out the operation. The first address swapped all the MEME in the meme coin’s wallet for approximately 43.68 ETH. The second address swapped MEMEPAD tokens for about 44.84 ETH, while the third address swapped the TITANX meme coin for about 46 ETH.

The latest reports by PeckShield add to the increasing number of cybersecurity threats experienced in the crypto industry. In a recent article, Coin Edition noted that despite a drop in the value of funds stolen from the crypto market, the number of hacks and other security issues is increasing. As of the previous publication, the crypto industry had experienced 75 hacks in 2023, fifteen more than it recorded in 2022.

Despite the identified rug pull, a TITANX proponent, Fossum, was seen hyping the coin on X. He claimed that users who staked the coin for 2888 days could get up to 350% extra shares from their investment. Fossum was noticed to be encouraging people to invest in the scam coin while PeckShield published the alert.

PeckShield categorically differentiated the meme coins involved in the recent rug pulls from the other projects with similar names. The security firm accompanied each alert with a footnote that notified users of the clarification.