Scammers use memecoin ‘trending’ list to lure victims — Researcher

A recent report reveals that scammers are exploiting memecoin "trending" lists to trick investors, with GMGN being a notable target. Researchers, including Roffett.eth, found that malicious developers artificially inflate their coin’s volume by trading between multiple wallets. This activity pushes the token onto the trending list, attracting victims who believe they are buying a popular coin. Once purchased, the scammers use obscure contract functions to steal funds from the users’ wallets. Tokens like Robotaxi, Billy’s Dog (NICK), and DFC have been cited as examples. This manipulation highlights the risks of investing in unverified tokens, as novice investors are particularly vulnerable. To mitigate risks, users should prioritize security, scrutinize code, and avoid trusting trends without due diligence. Show Less