Crypto Scammer Exposed for Exploiting Investors

Scammer Targets Crypto Investors on Twitter

A cunning scammer has been uncovered exploiting crypto investors on Twitter by falsely promoting a new token called DGEN. The scam involved soliciting ETH from unsuspecting investors by claiming the token was linked to the creators of the popular PEPE token.

Deceptive Tactics and Fake Transactions

The scammer, operating under the Twitter handle serdegen0x, used photoshopped Ethereum transactions to lend credibility to his scheme. He convinced investors that PEPE's developers had launched a presale for DGEN, urging them to send ETH to his wallet for token distribution. Promising significant returns, the scammer managed to collect 10 ETH, approximately $18,000, before disappearing with the funds.

Pattern of Scamming Behavior

ZachXBT, a well-known on-chain investigator, revealed that this scammer is a repeat offender, having executed similar scams under different aliases, including rasucrypto. Over the past few weeks, the scammer deposited 45.8 ETH, worth about $82,000, into a Bitget account, obtained through various fraudulent presale schemes.

Lessons for Crypto Investors

This incident underscores the need for vigilance among crypto investors, highlighting the prevalence of scams in the digital currency space. Investors are advised to verify token legitimacy and exercise caution before participating in any presale or airdrop. Avoiding transactions with unverified sources can prevent falling victim to such scams.

Crypto enthusiasts should remain alert and informed to protect their investments from deceptive schemes.