token and dApp exploit the memecoin TRUMP

In the midst of the chaos that erupted within the crypto sector with the launch of Donald Trump’s memecoin, there was a real boom in scam attempts.

According to Blockaid, the number of malicious tokens and dApps exploiting the current hype by using the name TRUMP has exploded.

Let’s see everything in detail below.

Memecoin Trump: strong increase in the number of scam tokens and dApps

Recent data provided by the on-chain security company Blockaid reveal a concerning increase in scam tokens and dApps following the release of the memecoin TRUMP.

According to what was highlighted, over the weekend the number of harmful coins 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 increased to 6,800 scam fraudulent tokens on the day of the inauguration.

These data highlight the tendency of scammers to resort to techniques that can attract the attention of some unfortunate user. The name “Trump” is currently trending and is used in thousands of shitcoins that are not related to the US President and sometimes even have flaws in the contract (e.g., honeypot).

The situation is even more alarming regarding crypto dApps. Blockaid highlighted a 1400% increase in the creation of scam decentralized applications, which contain fraudulent smart contracts.

The day after the launch of the TRUMP memecoin, we observed 91 new impersonator dApps, with an increase of 14 times the previous daily average.

Users who encounter these scam dApps see all the funds in their wallet drained as soon as they sign a digital contract.

Unfortunately, the number of crypto traps usually skyrockets when there are events as media-relevant as the new token of the tycoon.

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 hectic moments like these, it is essential to use security extensions such as Wallet Guard that alert in case of scams. It is also very important to observe that the contracts of the tokens you want to purchase correspond to the legit ones, and not to dishonest imitations.

These data highlight the need for greater vigilance and awareness by 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 ever-evolving threats.

Parody of Donald Trump on X launches a memecoin scam and defrauds his followers for $800,000

The temptation to make easy money with scams has also hit the account X “@TrumpDailyPosts”, parody of Donald Trump with 1.2 million followers.

This page, which usually publishes memes and supportive content towards Trump, decided yesterday to defraud its own community.

Yesterday at 06:30 PM EST, the account posted a tweet drawing the public’s attention to the launch of the new alleged official memecoin of the President, namely MAGA (several legitimate versions with this name already existed).

In just a few minutes after the publication of the post, the price of this scam token skyrocketed, only to crash to 0 shortly after.

Overall, there was a rug pull for 3,370 SOL, equivalent to about $818,000, with an initial investment of only 214 SOL, or just $53,000.

The most serious thing about this story is that the fraudulent account in question is followed by several prominent figures, 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 was hacked is excluded, since the tweet in question was deleted shortly after the rug without a statement in the following hours.

According to the user Nicolas Truglia, the parody page of Trump also allegedly proposed another scam called POTUS on the same day.

Attention also to the real tokens of the Trump family: high risk of rug pull

While thousands of scam tokens and dApps emerge bearing the name of Donald Trump, some users are also drawing attention to the legit memecoins sponsored by the family of the new President.

Despite the various TRUMP and MELANIA, being promoted by the official accounts of the respective Donald and Melania, this does not mean they can turn out to be a good investment.

The tokenomics of the two tokens, which boasts a locked LP for 6 months, hides skeletons that are actually very visible from blockchain trackers.

From on-chain analysis, the presence of a florid activity of insiders has emerged, with many addresses purchasing large quantities of tokens just after their launch.

This highlights how the Trump family holds the majority of the coins in circulation, with the risk that these could be sold causing a collapse in their value on the market.

Probably the crypto team of the new President managing the memecoins in question will not be so crazy as to liquidate the holdings in one go.

However, this does not exclude the possibility of a slow rug pull, with the TRUMP and MELANIA tokens gradually being sold in an attempt to bring in new exit liquidity.

It is not a true scam by definition, but rather the largest legalized fraud ever observed in the history of a USA president.

The comment from the crypto exchange Kraken on the birth of $TRUMP

Mark Greenberg, Global Head of Asset Growth & Management at Kraken, on the launch of the new meme coin $TRUMP, said:

“$TRUMP was the most successful new token launch in the first 24 hours in Kraken’s history. The value between euros and dollars indeed exceeded 700 million dollars in the first 24 hours of trading. Although weekends typically see quieter trading activity, the launch of $TRUMP just days before the inauguration of US President Donald Trump clearly captured the market’s imagination. This success highlights the unique ability of meme coins to turn cultural moments into tradable assets, offering customers the opportunity to engage with and capitalize on these trends.”