Investors in the meme cryptocurrency PEPE should be wary. It has recently been discovered that unscrupulous parties use deceptive tactics to defraud PEPE holders, in particular through manipulated Etherscan screenshots. This dishonest strategy is designed to make it appear that PEPE’s developer is involved in a scam, creating confusion and mistrust within the community.
The meme coin with the Twitter handle @serdegen0x reportedly collected 10 Ethereum (ETH) through a pre-sale, after which the tweet about the transaction was deleted. This act is a classic example of the pre-sale scam principle, where scammers hype a cryptocurrency to artificially inflate its value. The following was on Twitter indicated:
“Beware, @serdegen0x is photoshopping Etherscan screenshots to make it look like the PEPE developer is involved in his scam.
They pocketed 10 ETH from the pre-sale and then deleted the tweet.
The account had blocked me by default.”
Unfortunately, the PEPE investor community has been identified as an easy target, probably due to its tendency to participate in high-risk projects. Unfortunately, this tendency has lured scammers to take advantage of it.
In addition to manipulated screenshots, scammers can use various deceptive strategies to trick inexperienced PEPE investors. One such method is the “back pull” scam, where developers abandon a project after raising significant funds, leaving investors with worthless tokens. Another scheme is the “honeypot” scam, creating a token that investors can buy but not sell.
In markets like the one we see now, meme coins and their projects are most likely scams that have only one goal: to steal users’ funds without giving anything in return. Even if a project manages to raise millions from pre-sales or initial offers, it will likely use one of the aforementioned schemes to raise money without following the original plan.
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