Cybercrime

Meme coins: Fast gains or crypto gambling?

Meme coins have exploded in the crypto market, attracting investors with promises of fast profits and viral hype. These digital tokens, often inspired by internet memes and pop culture, like Dogecoin, Pepe, Dogwifhat and most recently Trump coin, do not usually offer clear utility. Instead, their value mostly depends on social media buzz, influencer endorsements, and community enthusiasm. In 2025, meme coins remain a controversial yet dominant trend in crypto trading. 

Viral but vulnerable: the rise of meme coins 

Meme coins are typically created for humour, social engagement, or to ride viral internet trends, rather than to solve real-world problems. Despite this, they are widely known for their popularity and massive online appeal. Many investors are drawn to meme coins because of the potential for quick, large returns. 

For example, Trump-themed meme coins saw explosive growth in early 2024, with MAGA meme coin (TRUMP) briefly surpassing a $500 million market cap, despite offering no real utility and being driven largely by political hype and social media buzz. 

Analysis reports indicate that in 2024, between 40,000 and 50,000 new meme tokens were launched daily, with numbers soaring to 100,000 during viral surges. Solana tops the list of blockchains for meme coin activity, generating 17,000 to 20,000 new tokens each day. 

Chainplay’s ‘State of Memecoin 2024’ report found that over half (55.24%) of the meme coins analysed were classified as ‘malicious’. 

A chaotic blend of internet culture, greed, and adrenaline, meme coins turn crypto investing into a thrilling game where hype rules and fortunes flip in seconds.

The risks of rug pulls and scams in meme coin projects 

Beneath the humour and viral appeal, meme coins often hide serious structural risks. Many are launched by developers with little to no accountability, and most operate with centralised liquidity pools controlled by a small number of wallets. The setup allows creators or early holders to pull liquidity or dump large token amounts without warning, leading to devastating price crashes—commonly referred to as ‘rug pulls.’ 

On-chain data regularly reveals that a handful of wallets control the vast majority of supply in newly launched meme tokens, making market manipulation easy and trust almost impossible. These coins are rarely audited, lack transparency, and often have no clear roadmap or long-term utility, which leaves retail investors highly exposed. 

The combination of hype-driven demand and opaque tokenomics makes meme coins a fertile ground for fraud and manipulation, further eroding public confidence in the broader crypto ecosystem. 

A chaotic blend of internet culture, greed, and adrenaline, meme coins turn crypto investing into a thrilling game where hype rules and fortunes flip in seconds.

Gambling disguised as investing: The adrenaline rush of meme coins 

Meme coins tap into a mindset that closely resembles gambling more than traditional investing. The entire culture around them thrives on adrenaline-fueled speculation, where every price spike feels like hitting a jackpot and every drop triggers a high-stakes rollercoaster of emotions. Known as the ‘degen’ culture, traders chase quick wins fuelled by FOMO, hype, and the explosive reach of social media.

The thrill-seeking mentality turns meme coin trading into a game of chance. Investors often make impulsive decisions based on hype rather than fundamentals, hoping to catch a sudden pump before the inevitable crash. 

It is all about momentum. The volatile swings create an addictive cycle: the excitement of rapid gains pulls traders back in, despite the constant risk of losing everything.

While early insiders and large holders strategically time their moves to cash out big, most retail investors face losses, much like gamblers betting in a casino. The meme coin market, therefore, functions less like a stable investment arena and more like a high-risk gambling environment where luck and timing often outweigh knowledge and strategy. 

A chaotic blend of internet culture, greed, and adrenaline, meme coins turn crypto investing into a thrilling game where hype rules and fortunes flip in seconds.

Is profit from meme coins possible? Yes, but…

While some investors have made substantial profits from meme coins, success requires expert knowledge, thorough research, and timing. Analysing tokenomics, community growth, and on-chain data is essential before investing. Although they can be entertaining, investing in meme coins is a risky gamble. Luck remains a big key factor, so meme coins are never considered safe or long-term investments.

Meme coins vs Bitcoin: A tale of two mindsets 

Many people assume that all cryptocurrencies share the same mindset, but the truth is quite different. Interestingly, cryptocurrencies like Bitcoin and meme coins are based on contrasting philosophies and psychological drivers.

Bitcoin embodies a philosophy of trust through transparency, decentralisation, and long-term resilience. It appeals to those seeking stability, security, and a store of value rooted in technology and community consensus—a digital gold that invites patience and conviction. In essence, Bitcoin calls for building and holding with reason and foresight. 

Meme coins, on the other hand, thrive on the psychology of instant gratification, social identity, and collective enthusiasm. They tap into our desire for excitement, quick wins, and belonging to a viral movement. Their value is less about utility and more about shared emotion— the hope, the hype, and the adrenaline rush of catching the next big wave. Meme coins beckon with the thrill of the moment, the gamble, and the social spectacle. It makes meme coins a reflection of the speculative and impulsive side of human nature, where the line between investing and gambling blurs.

Understanding these psychological underpinnings helps explain why the two coexist in the crypto world, yet appeal to vastly different types of investors and mindsets. 

A chaotic blend of internet culture, greed, and adrenaline, meme coins turn crypto investing into a thrilling game where hype rules and fortunes flip in seconds.

How meme coins affect the reputation of the entire crypto market

The rise and fall of meme coins do not just impact individual traders—they also cast a long shadow over the credibility of the entire crypto industry. 

High-profile scams, rug pulls, and pump-and-dump schemes associated with meme tokens erode public confidence and validate sceptics’ concerns. Many retail traders enter the meme coin space with high hopes and are quickly disillusioned by manipulation and sudden losses. 

This leads to a sense of betrayal, triggering risk aversion and a generalised mistrust toward all crypto assets, even those with strong fundamentals like Bitcoin or Ethereum. Such disillusionment does not stay contained. It spills over into mainstream sentiment, deterring new investors and slowing institutional adoption. 

As more people associate crypto with gambling and scams rather than innovation and decentralisation, the market’s growth potential suffers. In this way, meme coins—though intended as jokes—could have serious consequences for the future of blockchain credibility. 

Gold, Face, Head, Person

Trading thrills or ticking time bomb?

Meme coins may offer flashes of fortune, but their deeper role in the crypto ecosystem raises a provocative question: are they reshaping finance or just distorting it? In a market where jokes move millions and speculation overrides substance, the real gamble may not just be financial—it could be philosophical. 

Are we embracing innovation, or playing a dangerous game with digital dice? In the end, meme coins are not just a bet on price—they are a reflection of what kind of future we want to build in crypto. Is it sustainable value, or just viral chaos? The roulette wheel is still spinning. 

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Barcelona court investigates football stars in NFT scam

A Barcelona court has launched a criminal probe into Shirtum Europa SLU, a crypto firm accused of defrauding investors of $3.4 million through a failed NFT scheme. Several elite footballers, including World Cup winners and former Barcelona stars, are named in the case after promoting the venture.

The NFTs tied to footballer image rights and sold via the $SHI token were marketed as exclusive collectables but were never tradable or backed by a functioning platform.

Founders allegedly used a complex corporate structure to evade taxes and siphon funds, with footballers acting as public faces to boost credibility.

The footballers are ‘Papu’ Gómez, Lucas Ocampos, Ivan Rakitić, Javier Saviola, Nico Pareja, and Alberto Moreno. Reports suggest ‘Papu’ Gómez recruited others after presenting himself as a company founder before all promotional material was removed from social media.

The scandal exposes problems in Spanish football’s crypto partnerships, as a gambling ad ban left a sponsorship gap that crypto firms filled. Many clubs face unpaid fees, and experts warn big names may mislead investors.

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Massive leak exposes data of millions in China

Cybersecurity researchers have uncovered a brief but significant leak of over 600 gigabytes of data, exposing information on millions of Chinese citizens.

The haul, containing WeChat, Alipay, banking, and residential records, is part of a centralised system, possibly aimed at large-scale surveillance instead of a random data breach.

According to research from Cybernews and cybersecurity consultant Bob Diachenko, the data was likely used to build individuals’ detailed behavioural, social and economic profiles.

They warned the information could be exploited for phishing, fraud, blackmail or even disinformation campaigns instead of remaining dormant. Although only 16 datasets were reviewed before the database vanished, they indicated a highly organised and purposeful collection effort.

The source of the leak remains unknown, but the scale and nature of the data suggest it may involve government-linked or state-backed entities rather than lone hackers.

The exposed information could allow malicious actors to track residence locations, financial activity and personal identifiers, placing millions at risk instead of keeping their lives private and secure.

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NHS launches urgent blood donor appeal

The NHS is appealing for one million new blood donors during National Blood Week, following a significant cyberattack on London hospitals that severely impacted blood stocks.

This urgent plea comes after an analysis by NHS Blood and Transplant revealed a shortfall of 200,000 donors, with only two percent of the population currently sustaining the nation’s blood supply.

The ongoing shortage stems from a July 2024 cyberattack, linked to the Russian-based Qilin ransomware group, which crippled the networks of Synnovis, a major NHS lab partner.

This disruption affected crucial pathology services at hospitals including King’s College Hospital and Guy’s and St Thomas’ NHS Foundation Trust, leading to postponed operations and procedures. The incident prompted an Amber alert for severe blood shortages, declared a ‘critical incident’ by the NHS.

With blood stocks remaining low, exacerbated by recent bank holidays, the NHS is now facing a pressing need to prevent a ‘Red Alert,’ which would signify demand far exceeding capacity and threaten public safety.

A particular emphasis is being placed on finding more O-negative and Ro donors, urging the public to come forward and help replenish vital supplies.

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M&S resumes online orders after cyberattack

Marks & Spencer has resumed online clothing orders following a 46-day pause triggered by a cyberattack. The retailer restarted standard home delivery across England, Scotland and Wales, focusing initially on best-selling and new items instead of the full range.

A spokesperson stated that additional products will be added daily, enabling customers to gradually access a wider selection. Services such as click and collect, next-day delivery, and international orders are expected to be reintroduced in the coming weeks, while deliveries to Northern Ireland will resume soon.

The disruption began on 25 April when M&S halted clothing and home orders after issues with contactless payments and app services during the Easter weekend. The company revealed that the breach was caused by hackers who deceived staff at a third-party contractor, bypassing security defences.

M&S had warned that the incident could reduce its 2025/26 operating profit by around £300 million, though it aims to limit losses through insurance and internal cost measures. Shares rose 3 per cent as the online service came back online.

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Cybersecurity alarm after 184 million credentials exposed

A vast unprotected database containing over 184 million credentials from major platforms and sectors has highlighted severe weaknesses in data security worldwide.

The leaked credentials, harvested by infostealer malware and stored in plain text, pose significant risks to consumers and businesses, underscoring an urgent need for stronger cybersecurity and better data governance.

Cybersecurity researcher Jeremiah Fowler discovered the 47 GB database exposing emails, passwords, and authorisation URLs from tech giants like Google, Microsoft, Apple, Facebook, and Snapchat, as well as banking, healthcare, and government accounts.

The data was left accessible without any encryption or authentication, making it vulnerable to anyone with the link.

The credentials were reportedly collected by infostealer malware such as Lumma Stealer, which silently steals sensitive information from infected devices. The stolen data fuels a thriving underground economy involving identity theft, fraud, and ransomware.

The breach’s scope extends beyond tech, affecting critical infrastructure like healthcare and government services, raising concerns over personal privacy and national security. With recurring data breaches becoming the norm, industries must urgently reinforce security measures.

Chief Data Officers and IT risk leaders face mounting pressure as regulatory scrutiny intensifies. The leak highlights the need for proactive data stewardship through encryption, access controls, and real-time threat detection.

Many organisations struggle with legacy systems, decentralised data, and cloud adoption, complicating governance efforts.

Enterprise leaders must treat data as a strategic asset and liability, embedding cybersecurity into business processes and supply chains. Beyond technology, cultivating a culture of accountability and vigilance is essential to prevent costly breaches and protect brand trust.

The massive leak signals a new era in data governance where transparency and relentless improvement are critical. The message is clear: there is no room for complacency in safeguarding the digital world’s most valuable assets.

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FBI warns BADBOX 2.0 malware is infecting millions

The FBI has issued a warning about the resurgence of BADBOX 2.0, a dangerous form of malware infecting millions of consumer electronics globally.

Often preloaded onto low-cost smart TVs, streaming boxes, and IoT devices, primarily from China, the malware grants cyber criminals backdoor access, enabling theft, surveillance, and fraud while remaining essentially undetectable.

BADBOX 2.0 forms part of a massive botnet and can also infect devices through malicious apps and drive-by downloads, especially from unofficial Android stores.

Once activated, the malware enables a range of attacks, including click fraud, fake account creation, DDoS attacks, and the theft of one-time passwords and personal data.

Removing the malware is extremely difficult, as it typically requires flashing new firmware, an option unavailable for most of the affected devices.

Users are urged to check their hardware against a published list of compromised models and to avoid sideloading apps or purchasing unverified connected tech.

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Kraken warns crypto users to stay alert

Kraken has raised concerns over the lack of basic security awareness among crypto users attending industry events. Kraken’s security team observed unlocked devices, unattended phones, and careless talk of personal wealth at conferences, exposing attendees to potential exploitation.

Head of Security Nick Percoco warned that these behaviours compromise individual assets and the safety of entire projects.

Percoco highlighted how scammers easily blend in by posing as legitimate attendees. Tactics include juice jacking, compromised Wi-Fi networks, and malicious QR codes.

He advised using burner wallets with minimal funds during conferences, locking all devices, and avoiding unsecured public connections.

There has also been a rise in offline threats targeting crypto holders. Kraken observed attendees casually discussing trades while wearing conference badges with full names and company details.

With reports of kidnappings and in-person crypto thefts increasing globally, experts say discretion and strong operational security are more crucial than ever.

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M&S CEO targeted by hackers in abusive ransom email

Marks & Spencer has been directly targeted by a ransomware group calling itself DragonForce, which sent a vulgar and abusive ransom email to CEO Stuart Machin using a compromised employee email address.

The message, laced with offensive language and racist terms, demanded that Machin engage via a darknet portal to negotiate payment. It also claimed that the hackers had encrypted the company’s servers and stolen customer data, a claim M&S eventually acknowledged weeks later.

The email, dated 23 April, appears to have been sent from the account of an Indian IT worker employed by Tata Consultancy Services (TCS), a long-standing M&S tech partner.

TCS has denied involvement and stated that its systems were not the source of the breach. M&S has remained silent publicly, neither confirming the full scope of the attack nor disclosing whether a ransom was paid.

The cyber attack has caused major disruption, costing M&S an estimated £300 million and halting online orders for over six weeks.

DragonForce has also claimed responsibility for a simultaneous attack on the Co-op, which left some shelves empty for days. While nothing has yet appeared on DragonForce’s leak site, the group claims it will publish stolen information soon.

Investigators believe DragonForce operates as a ransomware-as-a-service collective, offering tools and platforms to cybercriminals in exchange for a 20% share of any ransom.

Some experts suspect the real perpetrators may be young hackers from the West, linked to a loosely organised online community called Scattered Spider. The UK’s National Crime Agency has confirmed it is focusing on the group as part of its inquiry into the recent retail hacks.

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Google warns users to switch to passkeys after new phishing attacks

Google is once again urging users to upgrade their account security by moving away from password-only access, as cyber scams grow increasingly sophisticated.

The warning follows an attempted phishing attack on Instagram boss Adam Mosseri, who revealed he had been targeted by a convincing scam involving a fake Google phone call and a seemingly legitimate email prompting him to change his password.

Though Google quickly traced and suspended the accounts involved, the incident highlights the evolving nature of online threats. The company has reiterated that it never contacts users by phone or email about password changes or account issues. Any such message should be considered a scam.

In response, Google is encouraging users to adopt stronger security methods, such as Passkeys—a login system that replaces passwords with biometric authentication via a trusted device like a smartphone. This can include fingerprint recognition, facial scan, or the phone’s screen lock.

The tech giant also recommends using two-factor authentication (2FA), but advises against relying on SMS codes or email-based verification, which can be intercepted. Instead, users should opt for an authentication app or use Passkeys for greater protection.

With scams becoming more difficult to detect, Google’s message is clear: take proactive steps to secure your account. Users who receive suspicious communication claiming to be from Google are advised to avoid engaging and verify concerns through Google’s official support channels.

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