A group of repeat bad actors has reportedly carried out multiple rug-pull–style schemes, profiting by several million dollars. Be cautious about following their trading calls or project promotions, as doing so could put your funds at significant risk.
Recent $QBS Incident Highlights Scam Tactics
In their most recent incident involving the $QBS project, it is estimated that they may have taken over $500,000 USD from participants.
Contract Address: 2BAKjB47KpQD64m3nWGWrNjC2ZTwWpumYakJVgavdXQa
In the latest $QBS incident, the project team minted tokens to 301 wallets, a pattern commonly associated with questionable or manipulative practices. This tactic is further detailed in a separate post.
Our analysis of these wallets indicates that the team may have generated over half a million dollars in net profits, which were subsequently transferred to offshore exchanges.
Tools for Detecting and Avoiding Scams
Using our token analyzer helps you detect these kinds of scams early and avoid them. It also makes it possible to see whether a token is being promoted by suspicious actors, as seen in this example.
Previous Scam Projects and Associated Individuals
Other cases, such as $XVM and $BOT, show similar patterns and ultimately collapsed after the teams behind them extracted substantial funds. More information on these situations is available in our previous posts.
The main individuals behind these tokens are:
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Both have been repeatedly linked to multiple scam-like projects. Besides them, there are multiple other accounts involved:
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Their “GEM Hunters” community is also operated by the same group, which is why many of the tokens promoted there have been flagged as scams by on-chain analysts and users.
Monitoring and Identifying Suspicious Activity
To help prevent future scams, we monitor a wide range of X accounts that have been repeatedly associated with suspicious activity and tag new tokens when these accounts begin promoting them. Here are a few examples from our database. If you’d like us to add additional accounts, let us know. We’re continuously expanding our list.
