PEPA INU is a meme cryptocurrency on the Binance Smart Chain (BSC). Like other popular meme tokens in the market, such as Shiba Inu (SHIB) and Dogecoin (DOGE), PEPA is also a community-driven project with the potential for widespread adoption.
Pepa Inu was first launched on Dextools, Poocoin, and Pancakeswap decentralized exchanges (DEXs). Out of 420 quadrillion PEPA that will be ever issued, 50% of the tokens are burned and their ownership has been renounced.
The token has garnered a lot of attention and hype since its launch. Mainly due to its fun and less serious nature compared to other mainstream crypto projects like Bitcoin or Ethereum.
The Pepa Inu team aims to offer several features and benefits to its users. The project has a meme market, a DEX for trading crypto futures, an NFT collection, and merchandise.
However, recent findings suggest that the Pepa Inu project could be a scam initiated to defraud customers. This article will list the reasons why we believe PEPA could be a scam and how you can stay out of it.
Is Pepa Inu a Scam?
Pepa Inu gives investors the impression that they will get to earn a passive income by simply staking the native token. However, there are so many red flags for the crypto project that has called for more caution.
Despite having a website, the project does not share adequate details about its team members. What makes this even more spooky is the fact that Pepa Inu shared stock images of people as staff members.
This purely shows how fake the project is and how it endangers your funds.
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Fake FinCEN Certification
The Financial Crimes Enforcement Network (FinCEN) certificate issued by the US Department of Treasury provides the federal government with details of the foreign banking activities of an entity that may be relevant to authorities during audits.
To make their operations seem legit. Pepa Inu arranged a FinCEN certificate and registered itself as a money services business (MSB) in the US. Interestingly, offshore scammers try to get this certification by providing wrong information about themselves.
A typical scam strategy.
Fake Reviews
Pepa Inu presents itself as a credible crypto project with positive reviews from investors and users. However, blockchain security firm MintonBlock investigated the project based on negative reviews and found it to be illegitimate.
PEPA has received a ton of negative reviews where users said the project failed to deliver any of the features promised and that they were losing money on their investments.
We recommend that you should not purchase or hold PEPA. In case you do, it is advised to exit your position as soon as possible.
How to Report Pepa Inu to Authorities?
If you are someone who got swindled by the Pepa Inu team, then there is hope on the horizon. All you need to do is get in touch with the smart contracts team at MintonBlock and they will help you recover funds.
To file a complaint and retrieve funds, the disputed amount must be at least 10,000 EUR/USD.
MintonBlock will be able to return your money if the token purchase was made using your credit card, wire transfer, or some other payment method.
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