A crypto token on Solana was announced on Visa’s official Facebook account on January 27, 2025, while another Solana-based coin, FAFO Barron, soared over 250% within hours after President Donald Trump posted a photo.
Visa’s Facebook compromised in crypto scam
On January 27, hackers compromised Visa’s official Facebook page in a cyberattack and used it to promote a suspicious Solana-based token exchange under the symbol $VISA. The price of the token jumped before collapsing, the signature of a rug pulling scam.
A rug-pull refers to a scam in which the developers of a token suddenly sell their holdings, causing the price of the token to collapse. This shows a growing trend of corporate social media accounts being commandeered to promote fraudulent crypto schemes.
Trump raises the price of FAFO BARRON:
On January 27, President Donald Trump posted a photo of himself with a FAFO coin on his social media platform, Truth Social, which caused the price of the Solana-based coin to rise 250% in four hours.
The meme coin was created on Pump.fun, Solana’s meme coin launch platform, and is named after Barron, the president’s youngest son. The token saw a big increase in its market capitalization and reached over $148,000 during these hours, according to CoinMarketCap.
As the president’s promotion gets people interested through FAFO, the price of the meme coin has started to drop, and at the time of writing, it is trading at $0.00004161. This is a steep drop of 28% in just one hour. This comes after another crypto named “Barron” was launched on Solana on January 20, the day President Trump took office as the 47th President of the United States. However, the Barron token was quickly removed 1 million dollars in the carpet.
Solana: A Top Pick for Rug Pulling Scams
Solana (GROUND), which has been accredited as one of the best choices for AI Agentsbut also hosts Pump.fun, which allows anyone to create a meme coin, often leading to a rug draw.
Pump.fun has been criticized for being exploited by bad actors to launch fraudulent tokens, resulting in losses for investors. This is not an independent experience. Reports indicate that only 0.4% of Pump.fun’s 14 million members made more than $10,000 in profits, leaving the majority with losses. January 15, Burwick Law announcement that they are moving forward with litigation against Pump.fun, accusing it of exploiting investors through what founder Max Burwick describes as an “evolution of multi-level marketing scams.”