​Unknown hacker has created 114 scam tokens in 1,5 months

What’s new? An on-chain sleuth under the nickname ZachXBT identified the address of an attacker who has launched 114 scam tokens in the last 45 days alone. The funds stolen by the scam were going to the same wallet: 0x739c58807B99Cb274f6FD96B10194202b8EEfB47. The exact amount of damage is unknown, as the hacker also uses alternate wallets to split the funds received, the analyst added.

Over the past 1.5 months one person has created 114 meme coin scams. Each time stolen funds from the scam are sent to the exact same deposit address. 0x739c58807B99Cb274f6FD96B10194202b8EEfB47 pic.twitter.com/uwVAiG9WGG — ZachXBT (@zachxbt) April 26, 2023

Details on the situation. The analyst suggested that the address listed was only one of those discovered. In comments to the publication, users reported that some of the stolen funds were sent by the attacker to the American crypto exchange Coinbase, ZachXBT also confirmed this.

In his opinion, the platform’s mechanisms did not recognize the hacker’s actions as an attempt to launder money, as he sent the stolen funds in small amounts. The analyst added that he did not know “why they would use Coinbase since there are better exchanges to launder on.”

yo i put this address into debank and apparently its a coinbase wallet?and has been depositing into coinbase???? pic.twitter.com/TPudzCbPKc — Koullou Crypto (@Koulloupasss) April 26, 2023

ZachXBT also stressed that the exchange would be able to identify the hacker if its know your customer (KYC) mechanism “isn’t fake.”

Coinbase should if the KYC isn’t fake — ZachXBT (@zachxbt) April 26, 2023

Notably, most of the projects identified by the analyst have names related in one way or another to the largest meme coins in the cryptocurrency market: Dogecoin (DOGE) and Shiba Inu (SHIB). In particular, some of them contain the word “Shibarium,” which is the name of the Layer 2 (L2) network being developed by the SHIB team.

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In February, cybersecurity company PeckShield experts discovered dozens of scam tokens allegedly linked to ChatGPT, an artificial intelligence chatbot. And on March 26, the team of the Kokomo Finance DeFi project conducted an exit scam and stole about $4 million in user funds.