SlowMist Identifies BNB Chain-based ZongZi Meme Token as Suspicious, $230,000 Potentially Drained
In Brief
SlowMist identified suspicious activity linked to the meme rune token ZongZi on Binance Chain (BNB), $230,000 potentially drained.
Blockchain security company SlowMist announced the identification of potentially suspicious activities linked to the meme rune token ZongZi on Binance Chain (BNB). According to the announcement, significant funds were transferred from the ZongZi address. Subsequently, it was reported that the project had been exploited for over $230,000.
ZongZi has recently completed raising funds for the BNB mint, garnering financial support from the user community through Telegram and X.
According to the plan described by the project, 1 BNB mints 1.8 trillion ZongZi coins, which are then transferred back to the user’s coin address with the total supply of ZongZi tokens amounting to 1 trillion. ZongZi previously announced that the project’s liquidity pool locking value exceeded $1.1 million, while the BNB in the burning pool was valued at over $500,000.
The project recently claimed to become the top memecoin of the BNB chain. However, since then, it has experienced a setback.
Memecoin Surge Spurs Risky Investment Trend Amid New Token Launches
The announcement coincides with a surge in the memecoin market, with Dogecoin (DOGE), Dogwifhat (WIF), and Shiba Inu (SHIB) witnessing remarkable gains over the past few weeks. This surge has also prompted a new wave of memecoin tokens to emerge, attracting substantial attention from traders and investors despite presenting a highly risky avenue on which to capitalize.
For instance, Slerf, a new sloth-themed meme coin operating on the Solana network (SOL), was one of the latest tokens to emerge from the Solana meme coin presale trend. It quickly secured multiple exchange listings and has generated a trading volume of $1.7 billion, attracting thousands of unique holders within hours of its launch.
However, after raising $10 million in a presale, the project’s developer accidentally lost all the funds by mistakenly transferring the tokens to a burn address, which is not under anyone’s control.
In another instance, a presale for a project titled “are you stupid” collected 420.69 SOL or $83,717 in a single transaction on March 18th. Users were given a 48-hour window starting from March 16th to send funds to the “areyoustupid.sol” wallet address, with a 99.99% chance of the investor receiving nothing in return. At the time of publication, the wallet address for “areyoustupid.sol” holds a total of 437.27 SOL, valued at over $87,000.
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
