 | It's been slightly less than a month since I made a reckless purchase of NUT, an event that led me to the discovery of an entire kingdom of shitcoin scams that is ongoing this very second. Since I busted that fateful NUT, I have found myself contacting exchanges, tracking quite literally thousands of Ethereum wallets, and even filing a report to the US Secret Service, all in an attempt to put an end to this serial scammer who I gave the nickname Shitrugger. Most, if not all, of my attempts have proven to be a failure. I am waiting for a response from the Secret Service, but I doubt anything will come of it. The exchange Bybit at first gave me hope, as they responded to my email. But after sending tons of transaction hashes, they simply said they couldn't help. I was able to trace deposits and withdrawals from Binance as well, however I feel their hands are full at the moment and have not found the effort to contact them. I have come to the conclusion that putting a stop to this scam is likely out of my range of abilities. I'm up to about 600 shitcoins created in 3 weeks I've been able to track. The number of trading wallets used to create fake trade volume I've found might be close to 10,000. I've followed Shitrugger from Bybit, through Arbitrum bridges, and to Binance. Stopping this Dynasty of Shit could be done by one of these centralized exchanges, if they have KYC. But me? Me and my NUT? When it comes down to it, I don't even understand how cryptocurrencies actually work. If you look in my Google history, you'll find "wat is a blockchan?" in my recent searches. But I have had a hell of a time following all this. I've learned a ton about Ethereum and that has spurred me to learn even more. Despite a likely failure in stopping Shitrugger, I'm still curious about the entire underworld surrounding shitcoin trading. So, I decided to take a gander at the sorts of folks buying Shitrugger's scam coins. My dear Moon farmers, let's see what I find: This first picture is of the transaction history for GANG, just one of the shitcoins in a long line of shitcoins created by Shitrugger. The highlighted "multicall" is one of the functions of Shitrugger - it pretty much blacklists a trader's wallet so they are unable to sell. Here's the evidence of that: Clicking that transaction and scrolling down until you can "view more" gets you to some of the raw data of the transaction. Hitting the "decode" button makes things a little clearer: That there is the address of who made the trade. Lets just see what this particular trader has been up to: Well, well, well. This chap seems to have been very lucky with an early PEPE purchase. Nearly $2.5 MILLION in PEPE, plus a metric fuckton of worthless shitcoins. I scrolled through most of their erc-20 tokens, and a good amount appear to be Shitrugger's product. Let's have a look at their most recent swap: Following the top transaction from above, I found they had just bought a token called StarDAO. Sounds fishy. So I looked at StarDAO and wouldn't you know it, it had just been created, seeded with a suspiciously familiar amount of ETH. Shortly after, StarDAO rugged. Looks like I found another of Shitrugger's shitcoins, verified by backtracking until I found a link to previous Shitrugger coins using Arkham Intelligence. However, I noticed something odd: Notice above that there are zero "multicall" entries, but instead many "approve" entries. Looking into those, it appears they do the EXACT SAME THING - it blacklists the wallet when it attempts to trade. It seems Shitrugger has changed up the code a bit. What I did from here is wait to see if an "approve" transaction popped up that had a matching address to the PEPE millionaire. Well, there wasn't one, which means that PEPE Boy never tried to sell StarDAO before it rugged (which isn't surprising, it rugged 1 hour after creation). From here, I decided to look at one of the "approve" entries in order to see who just got blacklisted. I found something else odd: The name of this address is dimethyltryptamine.eth and they have $2.7 million in PEPE - oddly close to PEPE Boy. They also have a metric fuckton of Shitrugger's tokens in their wallet, most of the same ones as PEPE Boy. So what can be learned from all this? I'm still trying to sus it all out, but bottom line: Shitrugger is making a LOT of cash from these shitcoin traders, and shitcoin traders can easily afford to lose that money if just one coin takes off. If PEPE Boy spend $200 on each of the 101 shitcoins in their wallet, the cost basis overall is $20,200, but their profit is $2,395,026 because of that one PEPE swap. And with the similar amounts purchased by the two shitcoin traders, I can assume that there is a system to this shitcoin trading: spend a set amount on EVERYTHING NEW. Which also means that these scam projects will continue. Shitrugger is making a fuckton of money by volume of shitcoins created, shitcoin traders only need to get lucky once. I'm fascinated by this culture, but it greatly depresses me as well. How much are ETH gas prices impacted by this? How can anyone look at crypto favorably while this takes place? Is there any way to stop this? For those who have followed my previous posts, I've discovered a very simple but large scale shitcoin operation, and I can only image what deeds are funded by this process. If anyone has any input/theories, please leave a comment. I'm swimming in a sea of shit here. Thanks for reading and stay tuned for another chapter in this saga. Not sure where I'm going with all this, but my recommendation to all of you is to avoid doing what these degens are doing. The odds of hitting the next PEPE are astronomically small, but the odds of hitting one of Shitrugger's spawn are nigh 99% if you are buying something brand new. Stay safe out there. [link] [comments] |
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