ZachXBT, a well-known on-chain sleuth, has uncovered a blatant meme coin presale scam on Twitter. The fraud involved Milady Coin, which had previously gone by 0thecoin and tachyon. According to ZachXBT, the account scammed investors out of 63 ETH, equivalent to approximately $116,000, in just one hour.
The scam is just one of many that have emerged in the cryptocurrency market in recent years as investors seek to capitalize on the popularity of meme coins. Meme coins are tokens created based on memes or internet jokes, and they have gained significant attention due to their viral nature and potential for quick profits.
However, these coins have also become prime targets for scammers who create fake tokens with no real value and lure investors into buying them in presales. This was the case with Milady Coin, which promised investors high returns but failed to deliver value.
Elon Musk, the CEO of Twitter, recently shared a picture on his Twitter account related to Milady Memecoin. Musk’s unexpected move immediately impacted the price of $LADYS, which is the token associated with the project. The token reportedly experienced a massive surge of over 3000% following Musk’s tweet.
This recent discovery by ZachXBT serves as a reminder that the cryptocurrency market is not immune to scams, and investors should exercise caution when investing their funds. The adage “if it sounds too good to be true, it probably is” rings particularly true in the cryptocurrency market, where the potential for high returns can often lure fraudsters.
