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Justin Sun Makes Meme Coins Trades Public, Receives Scam Coins

2 mins
Updated by Geraint Price
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In Brief

  • Justin Sun will start actively trading meme coins.
  • Scammers have flooded his account with various scam coins.
  • Sun warns his trades should not be taken as endorsements.
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Crypto mogul Justin Sun has jumped on the meme coin bandwagon. But the scammers aren’t behind in taking advantage of the situation.

As Bitcoin (BTC) has been trading in the range for over a month, meme coins have gained all the spotlight. Meme coins are also considered responsible for congestion in the Bitcoin network since last week.

Justin Sun’s Wallet Flooded With Scam Coins

Today, Justin Sun tweeted that he would actively trade meme coins through his public address for fun. He wrote:

I’ve decided to begin actively trading meme coins and promising projects through my public address. Please note, I will personally bear all potential losses from these trades, and any profits made will be donated entirely to charity.

Sun also warned users that his trades are not endorsements and there would be no guarantee of listing on Huobi and Poloniex crypto exchanges. He is an investor in both the mentioned crypto exchanges.

However, scammers have been flooding Sun’s wallet aggressively post the tweet. The screenshot below shows that Sun’s wallet had an inflow of tokens such as WEED, Justin Sun Inu, JINU, among others.

Latest ERC-20 token transfer event. Etherscan
Source: Etherscan

How Scammers Utilize Public Wallets for Malicious Purposes

In October 2022, the on-chain analysis platform Lookonchain reported that their follower lost Ethereum (ETH) to Justin Sun Inu token. Scammers have been transferring their meme tokens to public wallets of notable personalities.

These might trick the wallet trackers into believing that a public figure is accumulating a particular coin. In March, BeInCrypto reported that Vitalik Buterin dumped tokens such as MOPS, CULT, SHIK, and BITE worth over 220 ETH.

On Sunday, BeInCrypto reported that meme coins could be created and deployed in 27 seconds. Hence, the intensity of meme coin scams is bound to increase over time.

Got something to say about Justin Sun or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or Twitter.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

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Harsh Notariya
Harsh Notariya is a journalist at BeInCrypto, who writes about various topics, including decentralized physical infrastructure networks (DePIN), tokenization, crypto airdrops, decentralized finance (DeFi), meme coins, and altcoins. Before joining BeInCrypto, he was a community consultant at Totality Corp, specializing in the metaverse and non-fungible tokens (NFTs). Additionally, Harsh was a blockchain content writer and researcher at Financial Funda, where he created educational reports on...
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