As the publicity surrounding the PEPE memecoin increases, malicious actors in the space have begun to take notice, causing various fraudulent attempts to plague the crypto space.
According to blockchain security company PeckShield, there have been at least 10 virtual coin memes in the past three days alone. The company has identified and shown signs of scams that have recently been removed from the liquidation, removing the cover from under the feet of investors.
On Twitter, sites claiming to be fake Pepe are also starting to proliferate. Cybersecurity firm CertiK has issued a warning for a fake Pepe site claiming to offer rewards. The company has warned the community that the website is linked to a phishing scam. Meanwhile, the group of Telegram users of the Pepe Coin community has sometimes seen posts from fake accounts, trying to redirect its members to different websites.
The group attempted to report and ban users suspected of promoting scams. The developers of Pepe Coin have repeatedly warned the community to avoid linking their wallets to suspicious airdrops and freebie claims. In addition, the group emphasized that it will not be associated with any other brand or activity.
On May 5, PEPE memecoin reached a market cap of $1 billion after being listed on Binance. The show has jumped more than 4,000% since its debut in mid-April, earning a total of $1.82 billion in sales. However, within a few days of its launch, the token’s market capitalization dropped by more than $1 billion.
The show has been highly controversial. Crypto Exchange Coinbase recently warned its users that Pepe has been linked as a hate symbol by right-wing groups. The announcement of the change received a response from Pepe’s community, some demanding that the statement be changed and threatening to close their accounts on the exchange.
Get $200 Free Bitcoins every hour! No Deposit No Credit Card required. Sign Up