$Wifmas Scam
An exciting new Christmas coin launched a few days ago on the Solana chain.
Everything was looking good, and investors speculated that $Wifmas might even be “the Christmas coin” of 2024. It was a beautiful chart that went to a $4 million market cap within only two days. The coin even experienced a CTO (community takeover) before reaching the $4 million market cap. After it reached new ATHs, the coin steadily dropped. It was a slow descent, spanning over a few hours. People were afraid but still holding their coins. Suddenly, the price began falling fast. Within the span of just two hours on Friday afternoon, the coin went from a $2.6 million market cap to a low $400k market cap. This is when everyone began to panic.
The reason for the sudden price drop?
The CTO Telegram channel was locked with a VERY special message from the admin:
“$WIFMAS CTO
$WIFMAS Relaunch: New 404 Token
We’re relaunching $WIFMAS on a new 404 token standard, bringing fresh momentum and a clean chart to attract new investors.
Our target: $7-10M market cap on day one!
How to Join the Relaunch & Airdrop
Send your $WIFMAS tokens to this address:HRZigC34Ti189poeEqG8Z55cnmzgpeMqZwgjHymC1dyW
This confirms your participation and ensures you’ll receive the new tokens in the airdrop.
Do NOT send SOL; only $WIFMAS is required.
Why Participate?
Airdrop Eligibility: Only those who send tokens will receive the new $WIFMAS.
Future Gains: Selling now forfeits your chance to profit from the relaunch.”
Whoever was responsible for the first community takeover had gone rogue and was attempting to trick holders into sending their tokens to this wallet address:HRZigC34Ti189poeEqG8Z55cnmzgpeMqZwgjHymC1dyW
The last time I checked this address, Friday night, it had received a few thousand dollars’ worth of $WIFMAS and was actively selling it. Strangely, when you view this address on Solscan (a block explorer) now, nothing shows up in the transaction history. This is very strange because nothing should be hidden on the blockchain. Something weird is going on with either Solscan or the Solana chain in general.
Have a look at it here: https://solscan.io/account/HRZigC34Ti189poeEqG8Z55cnmzgpeMqZwgjHymC1dyW.
So, what happened next?
Another community takeover, which would be CTO #2!
Someone else started a new Telegram channel for the coin, and the DEXScreener profile update was purchased to reflect this new ownership. Many people found the WIFMAS CTO #2, but once in the channel, they were freaking out and pointing fingers at each other. Some were blaming others for being the original devs. Finally, a leader emerged—an Irish man by the name of “Steve.” Nobody really knew who Steve was, but supposedly, he was the man paying for the boosts on DEXScreener. There were many arguments, and finally, the owner of the CTO Telegram channel (the second CTO) agreed to give Steve ownership. Once Steve was satisfied with this, he paid for more boosts. The coin eventually made it back to a $1 million market cap, resulting in another sell-off.
The coin hasn’t recovered. We will see what happens next in this multi-layered scam.
Here are some conspiracy theories:
- Was the scammer who locked the first CTO Telegram an original dev double-dipping on the scam?
- Were the original devs also running CTO #2? You could see them selling out their bundled wallets during the end of CTO #2. After they finished selling, the coin died, and no more efforts were made to market it.
- Was “Steve” involved in the original scam, or was he an innocent but rich investor who was also scammed?
What do you think happened? Drop a comment below.
S Taylor is a professional crypto trader with five years of experience, having navigated a wide range of market dynamics and witnessed numerous scams firsthand. As a former victim of scams, S Taylor turned their focus to blockchain forensics and Solidity Smart Contract development, gaining deep technical expertise in the field. With a unique insider’s perspective, they’ve been involved in various crypto projects, where they’ve seen how developers can exploit vulnerable investors.
S Taylor is also the published author of Meme Coins Made Easy, a comprehensive guide that teaches beginners about cryptocurrency and how to identify and avoid common scams. S Taylor is dedicated to sharing valuable insights and helping the crypto community stay informed and safe.
