Scammers Capitalize on Bitcoin Pizza Day with Memecoin Fraud: BPizza, EthPizza, BTCPizza
Bitcoin Pizza Day has been a celebrated event in the crypto world for years. It marks the day when a programmer named Laszlo Hanyecz famously purchased two pizzas with Bitcoin back in 2010, making it one of the earliest instances of real-world cryptocurrency usage. However, scammers have found a new way to exploit the occasion and trick unsuspecting investors.
According to Dextools data, at least 14 obscure pizza-related memecoins were created just days before Bitcoin Pizza Day this year. These tokens included BPizza, EthPizza, BTCPizza, and PizzaDay, among others, and reportedly accumulated over $300,000 in market cap. Unfortunately, most of these tokens turned out to be scams, with malicious entities behind them looking to dupe investors.
The BPizza operator abruptly changed its sell tax to 100%, rendering it unfeasible for investors to sell the token. Meanwhile, the team behind EthPizza turned off transfers and sales for the token shortly after raking in a market cap of $38,000. Fraudsters have continued to take advantage of the memecoin hype, with PEPE being the latest sensation that has piqued the interest of many degens.
It's important to note that not all memecoins are fraudulent, and there are legitimate projects out there that use humor and memes to promote their tokens. However, investors must exercise caution and do their research before investing in any project, especially those associated with a particular event or holiday.