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PEPE Memecoin Craze Triggers Scams and Controversies in Crypto Space

The memecoin craze has led to the creation of numerous scam tokens, with at least 10 memecoin scams observed by blockchain security firm PeckShield. Scammers are also targeting PEPE investors, with fake accounts infiltrating the official community Telegram group and posting links to fraudulent websites. Despite being hailed by Elon Musk, the memecoin has drawn controversy, with US crypto giant Coinbase describing the PEPE meme as a "hate symbol" co-opted by alt-right groups in an email newsletter to its customers. However, the newsletter has since been edited and Coinbase's chief legal officer has apologized for the mishap.

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