The post Memecoin Scams: How Fraudsters Target TRUMP and MELANIA Token Investors appeared first on Coinpedia Fintech News
Luckily for the scammers, these meme coins related to former U.S. president, Donald Trump, and his wife Melania have quickly gained a canoe. Security company F.A.C.C.T. (ex Group-IB) has found more than ten fake sites for enthusiasts who want to engage in transactions linked with TRUMP and MELANIA tokens.
Many of these sites carry a message that informs the user they need to connect the wallet to check their eligibility to conduct transactions on the platform. After connection, the criminals demand seed phrases, and they receive full control over the wallets of the victims. At other times though it’s employed as a device to steal crypto directly.
As one of the sources, a senior analyst at F.A.C.C.T., described how these scams work based on trust, with their owners showing the official token addresses. This pretence of credibility only helps the attackers to infiltrate wallets and fraudulent money.
Trump and Melania Tokens: Booming Popularity
The TRUMP token went live on January 17, 2025, and the market capitalization of the TRUMP token crossed $11 billion on the same day of its launch while the MELANIA token was launched on January 19.
Memecoins have become relevant to the contemporary financial and cultural experience but with that, they have also become a favourite point of call for scammers. However, the tokens have remained rather volatile, so many cases of scams further negatively impacted the investor’s confidence.
A History of Memecoin Scams
Recent incidents have shown that there are certain inherent dangers in this memecoin market. The $HAWK token, for instance, rose to the limelight after being endorsed by an online influencer, only to plummet and many investors lost their money.
Likewise, hackers performed a similar attack on Nasdaq’s official X account to pump a fake STONKS token today. This created a new look of legitimacy for the fake token’s market capitalization which rose to $80 million within hours as it was exposed as a scam.
One should make sure that a token platform is legitimate, should not share any personal data connected to the wallet and should use secure wallets in order to avoid risk.
Going forward, it is crucial for investors to be vigilant and, more importantly, regulators to monitor the market to avoid investors falling prey to meme coin fraudsters.
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