Prolific scammer creates over 120 tokens within 3 months

Blockchain cybersecurity team AegisWeb3 warns cryptocurrency users about a prolific criminal who appears to be on a real scam spree. Within just 96 days, this malicious actor has managed to issue over 120 scam tokens for rug pulls.

Read also: Scammer Conducts Over 40 Rug Pulls in 11 Days

“The scammer employs a deceptive tactic of creating tokens using new addresses and generating fake trading volume with associated addresses,” AegisWeb3 explains. The crook further increases the credibility of the scam project by generating tokens through new addresses, creating a false impression of an expanding community of token holders. As a result, a false sense of demand and value encourages potential investors to purchase scam tokens.

According to data provided by AegisWeb3 two days ago, MKBI was the latest fraudulent token created by the scammer. Back then, the reported market cap of the token was $1.7 million, while the 24-hour trading volume was supposed to be as high as $3 million.

Meanwhile, AegisWeb3 has detected another exit scam involving the Fuding token (FD). This incident has led to a large theft of nearly $527,200. This is a significant figure compared to the damage caused by many recent rug pulls, ranging between $70,000 and $320,000.

Read also: Over $320,000 Lost to Rug Pulls in a Single Day

Interestingly, the exit scam was not performed by the deployer address. Another wallet acquired a substantial amount of $FD tokens — specifically, 19,999,999 FD, nearly 85 days ago. Yesterday, the tokens were sold.

According to the most recent rug pull statistics from another Web3 security company, CertiK, investors lost approximately $1.1 million to exit scams in November. The SAI Pro exit scam, resulting in $751,000 in losses, was named the largest rug pull that happened last month.

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