Dogecoin Coin

On Saturday, the official Dogecoin twitter account issued a warning about a “Dogecoin Wallet Scam” via social media platform. Scammers pose as a tech support service for people who are having problems, concerns, or difficulties with the meme coin.

Users who contact the bogus account are duped into creating a bogus wallet that requests their seed phrase to resolve their technical issues. Moreover, the official Dogecoin account has emphasized that users should never reveal their seed phrases or account information, which is still a cryptographic cardinal rule.

The Dogecoin community has warned against impersonating Dogecoin and its founder Dogechain.info. Dogechain is the project in question, and it claims that by placing wrapped DOGE coins on the brilliant agreement span, it is possible to provide utility to Dogecoin, such as NFTs and DeFi. Nonetheless, the Dogecoin developer community expressed reservations about the project and severed all ties with it.

Dogecoin Wallet Scam

It’s worth noting that the Sham account in question was created in 2012 before Dogecoin was officially introduced. Following the meme currency’s meteoric rise in popularity in 2021, its holders, who are inexperienced investors, became a popular target for scammers.

Many Dogecoin clones that have been created have proven to be worthless scams. Elliptic, a cryptocurrency researcher, has discovered a dramatic increase in Dogecoin transactions linked to illegal behavior on the dark web. Jackson Palmer, a Dogecoin co-founder, has gone so far as to claim that cryptocurrencies facilitate fraud.

He has been harshly critical of those who have attempted to speculate on the meme coin’s price fluctuations. However, he does not believe that the meme currency itself is a scam. In a class-action lawsuit, a Dogecoin buyer accused Tesla CEO Elon Musk of endorsing the cryptocurrency.

Automated Accounts

According to reports, the scam was discovered after the community became aware of several unusual transactions on the Dogecoin chain. Mishaboar, a Dogecoin enthusiast, stated that previous transactions were automated and relatively small. The same fan provided a list of all the addresses associated with these transactions. Scammers use other people’s money to pay off a small number of victims before fleeing with the remaining funds. The few people who received payments intend to give the business concept the appearance of legitimacy while concealing the numerous warning signs of such frauds.

It is worth noting that the alleged scam enticed Dogecoin owners as an investment opportunity. In contrast, the high rate of return on investment piqued the interest of several cryptocurrency enthusiasts, who assisted in uncovering the scam.

In June, Dogecoin co-founder Jackson Palmer went so far as to argue that cryptocurrencies enable fraud. Despite his criticism of people who have sought to speculate on the meme coin’s price swings, he does not believe it is a fraud.

The Dogecoin account said that it would never request a Trust wallet, seed phrases, or account information from users. However, a buyer of Dogecoin has launched a class-action lawsuit against Tesla CEO Elon Musk, accusing him of promoting the token.

Tamadoge a Safer Meme Coin

Tamadoge, yet another fantastic ERC20 token, takes a unique approach by merging meme coin principles with play-to-earn (P2E) gaming elements. TAMA is the ecosystem’s native token and is classified as a meme coin. Tamadoge (TAMA) has begun the beta sale phase of its presale, which will last until September 2, 2022, at a reduced price.

At the time of writing, $788,979 USDT has been collected at buy.tamadoge.io – early traders can buy TAMA with ETH, USDT, or fiat currency via on-ramp Transak using a debit or credit card.

Check out how to set up a crypto wallet to buy Tamadoge.

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