In November, the crypto market experienced a rebound, bringing meme coins back into the spotlight as a popular investment option. Meanwhile, platforms like Pump.fun and SunPump, specializing in launching meme coin, saw a surge in popularity, becoming go-to tools for many looking to enter the meme coin market.
However, some criminals have exploited investors' desire for high returns by creating fraudulent platforms disguised as meme token issuance services. These platforms often promise quick profits but lack security and transparency, ultimately causing significant financial losses for investors.
These meme coin platform scams often exhibit the following characteristics:
- Fake Platforms
- Fraudsters create counterfeit websites or apps designed to resemble legitimate meme token issuance platforms.
- They boost credibility through false promotions on social media.
- Malicious Contracts
- Deploy smart contracts with hidden vulnerabilities or backdoors, deceiving users into depositing funds that cannot be withdrawn.
- Scammers can drain the funding pool or restrict user transactions at will.
- Fake Earnings
- Display fabricated profit screenshots or claim exaggerated returns for early investors to fuel a FOMO (Fear of Missing Out) atmosphere.
Investor Alex recently suffered heavy losses after investing in XXX.fun, a platform promising low-risk, high-return opportunities.
Alex followed the platform’s instructions and sent 2 ETH to a designated smart contract address but received no tokens after several days. When he reached out to customer service, they claimed the tokens would be sent automatically and told him to wait.
Soon after, the platform's website became inaccessible, and its Telegram group was shut down. Alarmed, Alex checked the on-chain records and discovered his 2 ETH had been transferred to a private wallet. That’s when he realized he had been scammed, with the platform using fraudulent smart contracts and social media hype to deceive investors.
While meme coins are popular, they carry significant speculative risks. Platforms like XXX.fun are often controlled by a single team, lack transparency, and are prone to rug pulls.
PSA：
- Before investing, ensure the project has been audited by a reputable third-party (e.g., Certik, SlowMist), verify the project owner's credibility, and avoid projects led by anonymous teams.
- Avoid using wallets with significant funds for smart contract interactions. Consider using a dedicated small wallet for participation.
imToken Is Always Protecting Your Token Security
In October, imToken marked a total of 1506 risky tokens, banned 909 risky DApp websites and marked 1885 risky addresses.
In addition, if you find any suspiciously risky tokens or DApps, please contact us: support@token.im to help more users avoid token losses.
Closing Thoughts
Scams are constantly evolving, it is indeed challenging for average users to fully prevent them. imToken is committed to rapidly detecting issues and finding solutions, providing timely messages to the community, and educating users about various types of scams to protect them from losses.
We encourage you to read and share imToken Wallet Security Monthly Report and join hands with imToken to safeguard your token security.