Last Updated on May 12, 2023 by Bitfinsider
Soon after Justin Sun announced on Twitter that he would trade memecoins for “fun,” it appears that opportunists sprang into action, with multiple wallets presenting the founder of Tron with a large quantity of nearly worthless tokens.
Sending Justin Sun memecoins to make it appear as if he’s purchasing them is a common tactic designed to deceive traders into believing a token market is about to flare up.
“It is not surprising that Sun’s account received a flood of memecoins after his tweet,” he said. Frequently, fraudsters and promoters send their tokens to the email addresses of influential individuals in order to dupe people into purchasing their currencies.
The developments occur in the context of the ongoing mania for so-called memecoins, or tokens that serve no purpose other than market speculation. Promoters pursuing attention through Sun’s vast public platform.
Sun “continues to receive multiple shitcoins following his tweets,” according to the post. “We have observed that a scammer group created a fake four coin a few days ago and used a wallet to impersonate Justin Sun.”
According to Etherscan data, Sun has been gifted multiple memecoins, including WEED, METH, and NGMI.
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