An imposter claiming to be the well-known crypto influencer Ansem pilfered over $2.6 million in Solana tokens (SOL). The scam unfolded on X (formerly Twitter), leveraging the meme coin frenzy to lure investors into a fake presale for a nonexistent token dubbed “BULL.”
Amidst the meme coin frenzy promising quick returns, investors must be aware and not fall victim to scammers.
How Crypto Scammer Tricked the Community
ZachXBT, an on-chain detective, reported this audacious heist. The fraudster, mimicking Ansem, advertised the bogus ‘BULL’ token presale in replies to Ansem’s legitimate tweets. This elaborate ruse led to significant losses, with the largest victim losing nearly $1.2 million.
Even after ZachXBT’s post, the crypto scammers stole over $250,000. Notably, scammers continue the same modus operandi on other accounts as well.
“$2.6 million sent to an account? Why would anyone send tokens to an account just like that when it takes a few lines of code to implement a sale smart contract?” X user Robert Sasu wrote.”
Read more: Who Is ZachXBT, the Crypto Sleuth Exposing Scams?
This scam occurred during the rapid ascent of the Book of Meme (BOME) token. BOME, a meme coin on the Solana blockchain, gained traction swiftly, particularly after its listing on Binance.
Scam Sniffer reported that 57,000 people fell prey to crypto scams in February, incurring collective losses of around $47 million. Primarily, these scams were phishing attacks executed on social media platforms.
The Ethereum mainnet was the most affected, with users losing 78% of the total stolen funds. Notably, Ethereum-based ERC20 tokens represented the bulk of the losses, amounting to $40 million.
Despite a 75% reduction in individuals losing over $1 million, a significant theft of $6.2 million occurred on a single day in February.
The tactics used by scammers are becoming increasingly sophisticated. They often impersonate verified accounts of crypto entities on social media, particularly on X. Phishing signatures like Permit, IncreaseAllowance, and Uniswap Permit2 are among their techniques.
Additionally, the number of scam victims surged by over 10,000 in just one month. However, there was a slight decrease in the total amount stolen. This trend indicates a growing threat of phishing attacks in the crypto ecosystem.
Read more: 15 Most Common Crypto Scams To Look Out For
Investors should exercise caution, especially during times of intense market activity. Verifying the legitimacy of investment opportunities is crucial to avoid falling victim to such scams.
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