As the popularity of the PEPE memecoin grows, scammers have started to take advantage of the hype, resulting in multiple scam attempts in the crypto space. PeckShield, a blockchain security firm, has reported at least ten meme coin scams created in the last three days alone, with scam tokens having their liquidity removed and investors being scammed.

Cybersecurity company CertiK has also issued an alert on a fake Pepe site that claims to provide rewards, which is connected to a phishing contract. The creators of Pepe coin have warned the community to be cautious of suspicious airdrops and giveaway claims and have emphasized that they will not be associated with other tokens or projects.