Scammers Exploit TRUMP Meme Coin Hype to Steal $857 Million 💰
Recent reports from Global Ledger reveal that scammers have taken advantage of the hype surrounding the TRUMP meme coin to siphon off $857 million from the crypto market. By creating tokens impersonating other global leaders and sending them to major TRUMP wallet holders, scammers managed to establish false credibility before executing rug pulls.
The launch of the TRUMP meme coin by Donald Trump last week sparked chaos in the crypto market, with its market cap reaching $8 billion by Wednesday. Fraudsters exploited this popularity by sending fake coins to TRUMP-affiliated wallets, misleading traders into buying them under false pretenses of insider knowledge.
According to Global Ledger, at least $857.5 million was generated through four scam tokens, notably Jmilei, MELON, WTRUMP, and PUTIN, which were cashed out on top exchanges like Binance and OKX. Investigations suggested a coordinated effort, with certain token pairs linked to the same deposit wallets.
Interestingly, a mere 40 wallets control a staggering 94% of the TRUMP and MELANIA meme tokens, though most holders are small investors. Notably, 42% of these token buyers are new to the crypto space. Ethereum's Co-founder, Vitalik Buterin, weighed in, expressing concerns about political coins serving as tools for bribery.
Moreover, chairman of Students for Trump, Ryan Fournier, faced accusations of orchestrating a rug pull on the TIKTOK meme coin after on-chain data indicated a $700,000 sell-off, which he denies. Amidst this frenzy, the current meme coin craze highlights the necessity for investor caution due to the high volatility and potential scams.
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Trump’s Solana Meme Coin TRUMP Hits Record Low Amidst Falling Trading Volumes and Steady Major Cryptos
Trump $TRUMP Memecoin Sees Possible Realignment Amid Family Dispute and Market Skepticism
Possibilities for Trump Memecoin TRUMP as Retail Adoption Grows Despite Significant Losses Among Holders
TrumpMeme (TRUMP) May Launch on Tron Network, Highlighting Potential Benefits for TRX and Meme Coin Market
