A new memecoin created on the BNB chain called Web3Memes (W3M) has covered 625 BNB. The memecoin liquidity pools were depleted once investors put money into them.

A blockchain security company called PeckShield reported the incident on February 23:

“PeckShield detected Web3Memes https://bscscan.com/token/0xbad6ea539b1b9f150d6d0b95ef4f45af70bf0bcd pulling the carpet. 0x5adbffa751abcdfc94d2a81f5657113d37a3494f sent 625 BNB to TornadoCash.”

#rugpulls PeckShield has discovered $Web3Memes https://t.co/IOHWEjhmVC robust. 0x5adbffa751abcdfc94d2a81f5657113d37a3494f raised 625 BNB @TornadoCash.
Stay *AWAY* from tokens wagered through withdrawn funds @TornadoCash. pic.twitter.com/bsWpHALz0b

— PeckShieldAlert (@PeckShieldAlert) February 23, 2022

The stolen coins are worth over $209,375 at press time. According to BSC Scan, Web3Memes quickly reached more than a thousand owners with 2,020 transactions. The data shows that the team behind W3M withdrew all funds within about five hours of the IPO.

Memecoin was listed on decentralized exchange PancakeSwap with BNB as a trading pair. Additionally, the price of Web3Memes hit an all-time high of $0.000000204 and fell almost 100% to around $0.000000277.

According to PeckShield, the W3M developers used a crypto blending platform called Tornado Cash to avoid the exchanges being blacklisted. As a result, the attackers were able to sell the stolen digital assets.

Tornado Cash is known for its ability to anonymize cryptocurrency transactions, making it an accessible tool for hackers and money launderers. Malicious actors use the service because it can delete transaction traces without anyone knowing.

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