Warning of new scam: tricking you into thinking big players are buying memecoins by transferring “fake WETH”

Alert: New scam - tricking people into buying memecoins by transferring "fake WETH" and making it look like big players are investing.

Recently, a new scam has emerged in which scammers create fake “WETH” and use contracts to transfer the fake “WETH” from well-known wallets into memecoins. You may mistakenly think that the well-known wallet is buying memecoins. Lookonchain has published an analysis of this scam.

For example: Scammers created a fake “WETH” and called the contract to transfer the fake “WETH” out of DWF Labs and into “PSYOP”. It is easy to mistakenly think that DWF Labs purchased “PSYOP” with “WETH” when we use Debank or Zerion to view this transaction. When we look at the details of this transaction, we will find that it did not come from DWF Labs. To help you better identify, we found that DWF Labs purchased $LADYS with real $WETH, and the initiator address in the transaction details is DWF Labs. If you see a famous wallet “buying” a memecoin in the future, be sure to check if the “initiator” address is a famous wallet.

Reference: https://twitter.com/lookonchain/status/1672984315683303424

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