CertiK has warned the community about a fraudulent Pepe website that is offering rewards and cautioned that the site is associated with a phishing contract.
As the popularity of the PEPE memecoin grows, there has been an increase in scam attempts by malicious actors looking to take advantage of the crypto community.
According to PeckShield, a blockchain security firm, there has been a surge in meme coin scams in the past three days, with at least ten fraudulent tokens identified. These scams involve manipulating the liquidity of the tokens, causing investors to lose their funds when the liquidity is abruptly removed.
Fake Pepe claim sites are gaining visibility on Twitter, adding to the growing concerns in the crypto community. CertiK issued a warning about a fraudulent Pepe website that promises rewards. The firm cautioned users that the site is associated with a phishing contract, emphasizing the need for caution when engaging with such platforms.
In addition to the surge in fake Pepe claim sites and scams on other platforms, the official Telegram group of the Pepe coin community has also faced challenges. Fake accounts have been detected within the group, attempting to lure members into visiting different websites. However, members of the group have been proactive in reporting and banning these suspicious users in their efforts to combat scams and protect the community from potential scams.
Pepe coin’s creators have repeatedly warned the community to refrain from connecting their wallets with suspicious airdrops and giveaway claims. In addition, the team highlighted that they will not be associated with other tokens or projects.
On May 5, the PEPE memecoin hit a $1 billion market capitalization after it got listed on Binance. The token surged by more than 4,000% since its creation mid-April, gaining a total marketcap of $1.82 billion. However, days after its surge, the token’s market capitalization sunk by more than a billion dollars.
Pepe has not been without its controversies. In a recent announcement, popular crypto exchange Coinbase cautioned its users about the token, stating that it had been associated with hate symbols by certain alt-right groups. However, this statement drew backlash from the Pepe community, with some members demanding a retraction and even threatening to close their Coinbase accounts in response. The incident highlights the sensitivity and debates surrounding the interpretation and usage of symbols within the cryptocurrency space.