Scammers Steal $857 Million Using TRUMP Meme Coin Frenzy
Research from Global Ledger shows that scammers exploiting the Trump meme coin hype stole more than $857 million from the cryptocurrency market in the past week.
Scammers allegedly created tokens representing other world leaders, sent them to Major Trump wallet holders to establish legitimacy, and then began rugby.
Trump meme coin hype creates carpet frenzy
Donald Trump launches meme coinTrump, on Friday, caused a chaotic buzz in the cryptocurrency market. By Wednesday, the coin’s market capitalization reached $8 billion, after hitting $15 billion on Sunday.
Fraudsters have been taking advantage of the token’s popularity Send fake coins to wallets associated with Team Trump and its creators. Crypto traders who watch these wallets closely make the mistake of purchasing these worthless tokens.
They assume that the Trump Meme Coin team intentionally purchased the coins and had inside knowledge. Scammers anticipate this behavior and take advantage of it.
according to global ledgerat least $857.5 million was generated through four scam tokens linked to international numbers. These coins (Jmilei, Melon, Wtrump, and Putin) are all redeemed on major exchanges including Binance, Okx, Crypto.com, and Bybit.
Further investigation revealed that three tokens – Putt, King and Buffet were linked to the same deposit wallet for Binary. $91.3 million was withdrawn from these wallets.
The pattern suggests that a single entity or group created and redeemed these tokens.
Earlier reports emphasized that only 40 wallets control 94% of the total supply Trump and melania meme token.
Despite this concentration, the majority of holders are small investors, with over 80% owning tokens worth less than $1,000 Solana.
also, 42% of Trump and Melania token buyers According to another survey, are first-time crypto investors.
“It’s time to talk about massive political coins crossing further lines: they are not just a source of entertainment, they harm at most the mistakes made by willing participants, they are vehicles for unlimited political bribery,” Ethereum co-founder Vitalik Butein including countries from foreign countries Write On X (formerly Twitter).
Meanwhile, Trump student chairman Ryan Fournier is under scrutiny for allegedly triggering a Rug pulled into TikTok meme coins.
On-chain data shows that Fournier sold $700,000 worth of tokens, depleting liquidity and causing their market value to fall. Fournier denies any wrongdoing.
comprehensive, Scammers are taking advantage The current meme coin has the most hype. Users must exercise caution and understand the dangers and profound volatility these tokens.
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