Amid the chaos that erupted in the crypto industry with the launch of Donald Trump’s memecoin, there has been a real boom in scam attempts.
According to Blockaid, the number of malicious tokens and dApps exploiting the current hype using the TRUMP name has exploded.
Let’s see everything in detail below.
Memecoin Trump: sharp increase in the number of fraudulent tokens and dApps
Recent data provided by blockchain security firm Blockaid reveals a regarding the rise of fraudulent tokens and dApps following the release of memecoin ASSET.
According to what was highlighted, over the weekend, the number of harmful pieces containing the name “Trump” increased by 206%.
This means that compared to the daily average of 3,330 units, already particularly high in itself, it rose to 6,800 fraudulent tokens on inauguration day.
This data highlights the tendency of scammers to use techniques that may attract the attention of some unfortunate users. The name “Trump” is currently trending and is used in thousands of shitcoins that are not related to the American President and sometimes even have defects in the contract (e.g. honeypot).
The situation is even more alarming regarding crypto dApps. Blockaid highlighted a 1,400% increase in the creation of fraudulent decentralized applications, which contain fraudulent smart contracts.
The day after the launch of the TRUMP memecoin, we observed 91 new copycat dAppswith an increase of 14 times the previous daily average.
Users who encounter these fraudulent dApps find all funds in their wallet depleted as soon as they sign a digital contract.
Unfortunately, the number of crypto traps usually skyrockets when such high-profile events as the tycoon’s new token occur.
Many scams have also involved the names MELANIA, BARRON and ERIC, following the wave of memecoins introduced by various members of the Trump family.
In intense moments like these, it is essential to use security extensions such as Wallet Guard which alert in case of scams. It is also very important to observe that the contracts of the tokens you wish to purchase correspond to legitimate contracts, and not dishonest imitations.
This data highlights the need for greater vigilance and awareness on the part of users in the world of cryptocurrencies. It is essential to adopt adequate security measures and stay informed about potential threats to avoid falling victim to scams. Blockaid continues to closely monitor the situation and provide updates to protect users from these evolving threats.
Donald Trump parody of
The temptation to make easy money through scams has also emerged account@TrumpDailyPosts», parody of Donald Trump with 1.2 million followers.
This page, which usually posts memes and pro-Trump content, decided yesterday to defraud its own community.
Yesterday at 6:30 p.m. EST, the account posted a tweet drawing public attention to the launch of the president’s alleged new official memecoin, namely MAGA (several legitimate versions with that name already existed).
Just minutes after the article was published, the price of this fraudulent token skyrocketed, only to drop to 0 shortly after.
Overall, there was a rug draw for 3,370 SOL, which equates to approximately $818,000, with an initial investment of just 214 SOL, or just $53,000.
The most serious thing in this story is that the fraudulent account in question is followed by several personalities, including Elon Musk and Donald Trump himself.
Brian Armstrong, Jared Kusher, Ken Howery, Kash Patel, Bill Ackman, Tiffany Fong, Marin Shkreli and Palmer Luckey also follow «@TrumpDailyPosts.”
The possibility that the account has been hacked is excludedsince the tweet in question was deleted shortly after the carpet without a statement in the following hours.
According to user Nicolas Truglia, the Trump parody page also offered another scam called POTUS on the same day.
Also be careful with real Trump family tokens: high risk of rug pulling
As thousands of fraudulent tokens and dApps appear bearing Donald Trump’s name, some users are also calling attention to legitimate memecoins sponsored by the new president’s family.
Despite the different TRUMPs and MELANIEbeing promoted by the official accounts of Donald and Melania respectively, this does not mean that they can prove to be a good investment.
The tokenomics of the two tokens, which benefit from an LP locked for 6 months, hides skeletons which are in reality very visible from blockchain trackers.
According to the on-chain analysis, the presence of a flourishing activity of insiders has emerged, with many addresses purchasing large quantities of tokens right after launch.
This highlights the fact that the Trump family owns the majority of coins in circulation, with the risk that these will be sold causing their market value to collapse.
It’s likely that the new president’s crypto team that manages the memecoins in question won’t be crazy enough to liquidate the holdings in one go.
However, this does not rule out the possibility of a slowdown pull the rugwith TRUMP and MELANIA tokens being gradually sold with the aim of providing new exit liquidity.
This is not by definition a real scam, but rather the largest legalized fraud ever observed in the history of an American president.
Crypto exchange Kraken’s comment on the birth of $TRUMP
Mark Greenberg, Global Head of Growth and Asset Management at Kraken, on the launch of the new $TRUMP meme coin, said:
“$TRUMP was the most successful new token launch in the first 24 hours in Kraken’s history. The value between euros and dollars has in fact exceeded 700 million dollars during the first 24 hours of trading. Although weekends are typically marked by quieter trading activity, the launch of $TRUMP just days before the inauguration of US President Donald Trump has clearly captured the market’s imagination. This success highlights the unique ability of meme coins to transform cultural moments into tradable assets, providing customers with the opportunity to engage and capitalize on these trends.