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Pepe memecoin frenzy gets unwanted attention from scammers

As the hype surrounding the PEPE memecoin intensifies, bad actors within the space have started to take notice, resulting in various scam attempts plaguing the crypto space. 

According to blockchain security firm PeckShield, there were at least ten meme coin scams created in the last three days alone. The firm detected and reported scam tokens that recently had their liquidity removed, pulling the rug on investors.

On Twitter, fake Pepe claim sites are also starting to be more prevalent. Cybersecurity company CertiK also issued an alert on a fake Pepe site claiming to provide rewards. The firm warned the community that the website is connected to a phishing contract. 

Meanwhile, the official Telegram group of the Pepe coin community has also been occasionally seeing posts from fake accounts, trying to redirect its members to various websites. Members of the group have tried to consistently report and ban the users who were suspected of promoting scams.

Pepe coin’s creators have repeatedly warned the community to refrain from connecting their wallets with suspicious airdrops and giveaway claims. In addition, the team highlighted that they will not be associated with other tokens or projects. 

Related: PEPE vs. DOGE: How the memecoins performed their first time hitting a $1B market cap

On May 5, the PEPE memecoin hit a $1 billion market capitalization after it got listed on Binance. The token surged by more than 4,000% since its creation mid-April, gaining a total marketcap of $1.82 billion. However, days after its surge, the token’s market capitalization sunk by more than a billion dollars.

The token has also had its share of controversies. Crypto exchange Coinbase has 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.

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