Scammer Conducts Over 40 Rug Pulls in 11 Days

AegisWeb3 reports that FCL and BIBItoken are among the scam tokens issued by an exceptionally active scammer who utilizes Binance Smart Chain for their fraudulent schemes.

A thief with bags of money
The scammer operating on BSC has surprised the crypto community with their remarkable activity.

The AegisWeb3 cybersecurity team has uncovered a highly active scammer specializing in rug pulls. This malicious actor leverages Binance Smart Chain (BSC) to create scam tokens, which they use to entice investors, ultimately leading to the loss of their funds through exit scams.

The scammer's productivity is remarkably high. According to AegisWeb3's research, the fraudster managed to execute more than forty rug pulls in just eleven days. Some of the scam tokens mentioned by AegisWeb3 include FCL and BIBItoken.

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AegisWeb3 explained the scammer's modus operandi, stating, "The scammer has transferred initial funds to new addresses through 0x09399e and 0x588B60, and subsequently created tokens," adding that "Any excess funds are then transferred to 0xDa3031."

AegisWeb3 Rug Pull Research
Source: AegisWeb3, X

On November 6, AegisWeb3 cautioned the crypto community about a new token called PP, which was created by the same scammer. "The scammer has already created a new token and is conducting transactions through the contract 0x7d8208...CF6F3c99," the team posted on X. It is worth noting that there are multiple crypto assets with a similar name. The specific scam token mentioned by AegisWeb3 has the contract address "0xA5c813985562369bDF6bfD696E24060fd3Cc915f."

At the time of AegisWeb3's announcement to the X community, the token was trading at $0.00004923 and had a market cap of $49,000.

As of the latest update, a token evaluation conducted using the cryptocurrency analysis tool Token Sniffer revealed that the cryptocurrency had been flagged as "having the characteristics of a serial scam." The token scored zero out of one hundred points on the Token Sniffer platform.

Some of the issues identified by the security tool include the potential for the alternation of the contract functionalities, for instance, the possibility for the deployer to pause trading or minting tokens. Additionally, it was noted that "the wallet exceeds the circulating token supply," which, according to Token Sniffer, is a likely indicator of a scam.

Read also: How to Use Token Sniffer and DEXTools Crypto Data Aggregator for Fast Sniff Test?

Token Sniffer additionally compiled a list of ten similar contracts deployed on the BSC network, all with a high likelihood of association with fraudulent projects. Notably, one of these contracts was linked to FCL, the token mentioned by the AegisWeb3 team.

BSC contracts flagged as potential scam tokens
Source: Token Sniffer

Meanwhile, just two days ago, AegisWeb3 reported another rug pull that had already taken place. This exit scam involved a newly created token called GROK launched on the Base network. According to cybersecurity analytics, the malicious actor managed to pilfer approximately 192.88 WETH, equivalent to over $362,000.

Furthermore, two days ago, the AegisWeb3 team warned investors about a fake ORDI token, also released on BSC. The exploiters who issued ORDI claim that it is the official cryptocurrency of the Bitcoin wallet and marketplace Ordinals Wallet.

AegisWeb3 emphasizes that the deployment of this token received funding from a cryptocurrency mixer, a common tool employed by criminals to launder stolen funds. Furthermore, the token lacks essential contract information, and "Code obfuscation behavior is present."