Scammers prey on Trump-themed coin frenzy

TL;DR

• Fraudsters are targeting TRUMP and MELANIA investors with fake websites, tricking them into linking their wallets to dubious resources.
• With TRUMP’s price down from its peak and several crypto experts bashing the asset’s launch, further significant bounces could be limited, so careful research is essential before investing.

Investors beware

This bullish cycle will be remembered for the strong performance of the coin niche. Just a few days ago, the Trump family jumped on the bandwagon, making huge waves throughout the crypto space.

On January 18, Donald Trump’s meme coin, Official Trump (TRUMP), saw the light of dayand soon after, its price soared to spectacular levels. It briefly topped $70, with a market capitalization exceeding $14.5 billion.

Trump’s wife too spear a coin called Melania Meme (MELANIA), and at one point its market cap exceeded $2 billion.

Although they have retreated significantly from their peak levels of the past few days, both tokens stay enough tendency. This could explain why scammers have allegedly created many websites offering questionable services with TRUMP and MELANIA, with the sole aim of defrauding unsuspecting victims.

According to a recent reportpeople visiting these malicious addresses are offered to connect their wallets to the resource to verify their right to participate in transactions with the new tokens.

“The official address of the token is indicated on all websites, but when logging in, the victim is requested for the portfolio seed phrase. Fraudsters can also “hijack” a crypto wallet or connect malware to withdraw funds,” said Maria Sinitsyna, a senior analyst working for a Russian cybersecurity company called FACCT.

Is it too late to confront TRUMP?

The impressive price increase of Donald Trump’s meme coin allowed savvy traders can make huge profits overnight by entering and potentially exiting the ecosystem at the right time.

Currently, TRUMP’s valuation is far from the recorded peak January 19which suggests that the hype might have gradually diminished. Additionally, many leading cryptocurrency exchanges (including Binance, CoinbaseBybit, etc.) allowed trading services with the asset.

Besides, many industry insiders were against the launch of the TRUMP token, indicating that such zero-value assets only harm the industry instead of legitimizing it.

Investors still considering joining the ecosystem should consider the risks involved and the increased volatility of this type of assets. After making a final decision, they should do their due diligence and only distribute what they are willing to lose.