The recent uproar over the PEPE2 token has highlighted the risks in the world of cryptocurrencies. More than 10 tokens claiming to be Pepe2 have been detected across several blockchains, raising concerns about potential scams. These tokens have varying volumes and market capitalizations, indicating a possible fraudulent operation.
These dubious contracts are set up as “honeypots” by the fraudsters behind them in an effort to mislead and attract skeptical investors, ultimately stealing their money. They take advantage of people’s trust and curiosity, enticing them with promises of profitable investment opportunities. However, once they accumulate enough funds, these malicious actors often disappear, leaving investors in a difficult situation.
Adding to the scam alert, multiple AirDrop websites promoting PEPE2 tokens have recently surfaced. These websites are designed to trick visitors into connecting their wallets, thereby granting the fraudsters access to their funds.
On the other hand, a surprising move in the cryptocurrency community has piqued the curiosity of investors: a whale recently made a massive withdrawal of 1.93 trillion Pepe tokens, equivalent to $3.03 million, from Binance. Before acquiring this significant amount of Pepe tokens, the whale sold around 97,735 LINK tokens and 9,883 BNB coins, resulting in a loss of approximately $342,000. This suggests that the whale intentionally exchanged these assets to accumulate Pepe tokens, and they also added 227 ETH worth $424,000 to their portfolio.
Not only this, but scammers are also using the names of high-profile celebrities for scams. On June 27, fake news circulated claiming that a Silicon Valley-based Bitcoin startup called Abra had raised $12 million from Ratan Tata and American Express. It was also reported that the specific investment from Ratan Tata would remain undisclosed.
While this news was circulating, Ratan Tata tweeted that he had no association with any form of cryptocurrency and advised people to stay away from such news.
It is important to remain prudent and cautious in the cryptocurrency market, particularly when encountering tokens claiming to be associated with popular trends like Pepe. Scammers often prey on the curiosity and greed of investors, making it crucial to conduct thorough research and exercise skepticism before engaging in any investments or transactions.