Shocking Crypto Scams: Are Hackers Laughing All the Way to the Bank? 💸😱

So, it turns out that the Lazarus Group, the notorious band of digital mischief-makers behind the jaw-dropping $1.4 billion Bybit hack, might also be moonlighting as the masterminds of the latest Solana memecoin scams. Yes, you heard that right! According to our favorite onchain sleuth, ZachXBT, these hackers are not just stealing your lunch money; they’re also pulling the rug out from under unsuspecting memecoin investors on the Pump.fun platform. 🙈

Can you believe it? The crypto world was already reeling from the biggest hack in history on February 21, when Bybit lost a staggering $1.4 billion in liquid-staked Ether (stETH), Mantle Staked ETH (mETH), and other digital goodies. Talk about a bad hair day for crypto! 💁‍♀️

Blockchain security firms, including the ever-watchful Arkham Intelligence, have pointed their fingers at North Korea’s Lazarus Group as the likely culprits behind this digital heist. And now, it seems they’re also dabbling in some memecoin mischief. Who knew hackers had such diverse interests? 🎭

According to ZachXBT, on February 22, the attacker received a cool $1.08 million from the Bybit hack, which they then funneled into Solana. Because why not? It’s not like they have anything better to do with their time! 😏

But wait, there’s more! This $1 million was then shuffled around multiple wallets on Solana, some of which had previously been linked to memecoin scams. It’s like a game of digital musical chairs, but with much higher stakes! 🎶

“I made 920+ addresses receiving funds tied to the Bybit hack public and noticed a person laundering for Lazarus Group previously launched meme coins via Pump Fun,” ZachXBT quipped. Because, of course, why wouldn’t a hacker also want to be a memecoin entrepreneur? 🤷‍♀️

And if you thought that was the end of it, think again! Onchain findings revealed that the same wallets suspected in the Bybit hack were also behind the $29 million Phemex hack in January. It’s like a two-for-one special on crypto chaos! 🥳

Solana: The Wild West of Memecoins and Rug Pulls

Honestly, it’s no surprise that the Lazarus Group has found a cozy little corner on Solana’s Pump.fun platform, especially with the recent surge of memecoin scams. It’s like a digital carnival, but instead of cotton candy, you get rug pulls! 🎡

Investor sentiment took a nosedive after the rise and fall of the Libra (LIBRA) token, which was endorsed by Argentine President Javier Milei. The insiders allegedly siphoned off over $107 million in a rug pull, triggering a 94% price collapse within hours. Ouch! That’s gotta hurt! 😬

According to a Glassnode chart shared with CryptoMoon, the rate of monthly capital inflow into Solana (SOL) and Solana’s MEME index has turned into a monthly negative of -5.9%. Yikes! Talk about a party foul! 🎉

And if you thought user activity was thriving, think again! The number of active addresses on the network plummeted to a weekly average of 9.5 million in February, down nearly 40% from the 15.6 million active addresses in November 2024. It’s like a ghost town out there! 👻

According to CryptoVizArt, a senior analyst at Glassnode, this marks a significant cooldown for the blockchain. “A significant cool down in Solana activity is evident,” he said, “however, we are relatively higher than pre pre-bull market baseline.” Because who doesn’t love a good comparison? 📉

Despite all the drama, Solana’s advanced technology has attracted its fair share of bad actors and insider corruption. But hey, maybe these issues will turn into a net positive for Solana’s growth in the long run, according to a Feb. 18 X post from blockchain researcher

2025-02-23 17:48

Solana: The Wild West of Memecoins and Rug Pulls

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