Beware of MEME coin scam networks: $3.7 million run-away case fully exposed on the blockchain

[CryptoWorld] Security agencies recently conducted an in-depth investigation into a large-scale scam case, revealing a systematic network operating to harvest retail investors across various cryptocurrencies.

The trigger for the incident was the social media promotion of a “get-rich-quick story” by the account ShittymikeSol. On December 29, 2024, this account, claiming to be a developer of the $PNUT project, posted: “First trade after a year of rest, invested $500 in $HNUT, appreciated to $200,000 in one day, and the next day cashed out at the high for a profit of $700,000.” He then guided followers to copy his trades and invited them to join a Telegram group.

Problems quickly emerged. The price of $HNUT plummeted by 99.99%, and the project team seemingly withdrew liquidity and ran away. This pattern is all too familiar — a classic “rug pull.”

On-chain tracking shows that the situation is far more complex beneath the surface. By analyzing early large transactions and suspected “front-running” addresses, security agencies discovered that funds flowed into a wallet previously publicly associated with ShittymikeSol (9B1fR…WZb4). Further investigation revealed that within just eight days, the funds were consolidated into a single address (2hnAT…GUjf), with a total amount of up to $3.7 million. Even the residual funds of the $HNUT project were directed to this address.

Even more alarming, this manipulative team did not operate just once. Further investigation uncovered that they used the same tactics to manipulate dozens of MEME coins, including $SHEKER, $Gonk, $MADURO, $FAFO, $Trump, $DIM, $TRUMP2, $BANGER, $Lily, $ROY, $horge, $WhiteShark, $bork, $bonkdog, $BITPEPE, among others. All these tokens experienced the same “sharp decline,” with all remaining project funds and profits flowing into the same address.

This is not an isolated case but part of a complete scam industry chain. From creating “success stories” → attracting followers → pumping and accumulating funds → dumping at high prices → fund consolidation, every step is carefully designed.

A reminder to investors: Any promises of “easy wealth” should be approached with caution. KOLs leading trades and high-yield stories often hide carefully crafted schemes behind them. Before following the trend, ask yourself three questions: Why does this person want to help me make money? Is the project’s fund flow transparent? Are the historical transaction records genuine?