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Pepe memecoin frenzy gets unwanted attention from scammers

Security firm CertiK alerted the community to a fraudulent Pepe website offering rewards, cautioning that the site is linked to a phishing contract.

Pepe memecoin frenzy gets unwanted attention from scammers

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

According to blockchain security firm PeckShield, there have been at least 10 memecoin scams created in the last three days alone. The firm detected and reported scam tokens that recently had their liquidity removed, rug-pulling investors.

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

Meanwhile, Pepe’s official community Telegram group has also been seeing occasional posts from fake accounts trying to redirect users to various websites. Channel members have been consistently reporting and trying to ban users suspected of promoting scams.

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

On May 5, Pepe hit a $1 billion market capitalization after being listed on Binance. The token surged by more than 4,000% since its creation in mid-April, reaching a total market cap of $1.82 billion. However, days after its peak, the token’s market capitalization sunk by more than a billion dollars.

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