Trouble in paradise! The popularity of meme coins linked to former US President Donald Trump and his wife, Melania, has unfortunately opened the door for scammers to take advantage of investors. Security company FACCT (formerly Groupe-IB) discovered over ten fake websites targeting those looking to trade TRUMP and MELANIA tokens. As these scams increase, many investors are losing both their money and their trust in meme coins.
But how exactly do these scams attract victims, and what is the real cost to investors? Keep reading to learn more about the growing danger lurking in the meme coin market.
How the scam works: a simple but dangerous trap
These scam websites often ask users to connect their wallets to check if they are eligible to make transactions. Once the wallet is connected, fraudsters request seed phrases, giving them complete control over victims’ wallets. In some cases, they steal cryptocurrency directly.
A senior analyst at FACCT explained that these scams rely on building trust. By displaying official-looking token addresses, scammers make their sites appear legitimate, making it easier for them to steal funds.
Let’s Trump and Melania
THE ASSET token launched on January 17, 2025 and quickly reached a market capitalization of over $11 billion on its first day. THE MELANIE tokenlaunched on January 19, followed a similar path. While these tokens have attracted a lot of attention, they have also attracted scammers hoping to take advantage of unsuspecting investors.
Meme coins have become an important part of today’s financial and cultural scene, but they have also become a prime target for fraudsters. The extreme volatility of these tokens makes investors more vulnerable to scams.
A History of Memecoin Scams
Recent events show how risky the meme coin market can be. For example, the $HAWK token gained attention after being promoted by an online influencer, but its price quickly collapsed, leaving many investors with losses.
In another case, hackers took control Nasdaq Official X Account to promote a fake STONKS token. The token’s market cap soared as high as $80 million before it was exposed as a scam. These examples show how easily fraudsters can manipulate the market.
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Stay safe out there!
To avoid falling for these scams, investors should ensure that the token platform is legitimate. Never share your wallet information and always use secure wallets to reduce the risk of hacking.
Regulators should also closely monitor the meme coin market to prevent fraudsters from targeting more people.