In a cunning scheme, an imposter posing as the renowned crypto influencer Ansem has executed a sophisticated scam, resulting in a staggering loss of over $2.6 million in Solana tokens (SOL).
Using social media platform X (formerly Twitter), the scammer preyed on the hype surrounding meme coins to lure unsuspecting investors into a fake initial coin offering (ICO) for a non-existent BULL token.
Unmasking the Fraud
An on-chain detector named ZachXBT uncovered the fraud. The imposter, masquerading as Ansem, promoted a fraudulent “BULL” token presale in the comments section of legitimate posts by the real Ansem, leading to significant financial losses, with one victim losing $1.2 million.
Despite warnings from ZachXBT, the scammers managed to pilfer an additional $250,000 from desperate individuals shortly after the alert. Similar fraudulent activities persisted across multiple accounts, targeting innocent victims and accruing illicit profits.
Capitalizing on the frenzy surrounding meme coins, the scam leveraged the popularity of the BoM meme (BOME) token, which gained traction following its listing on the Binance exchange.
A Growing Threat – Are You Safe?
The counterfeit Ansem account exemplifies the increasing menace of crypto scams. In February alone, approximately 57,000 individuals fell victim to such scams, resulting in collective losses of $47 million, as reported by Scam Sniffer.
As the crypto landscape evolves, investors must exercise caution. Conducting thorough due diligence on projects and exercising caution in online engagements can mitigate the risk of falling victim to fraudsters.
The incident underscores the importance of vigilance. Simple practices, such as verifying usernames, can prevent significant losses and protect crypto assets from exploitation.
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