TRUMP meme coin hype fuels wave of crypto scams
Scammers created over 6,800 fake tokens and 91 malicious decentralised applications (dApps), particularly impacting networks like Solana and Ethereum.
The launch of the TRUMP meme coin has drawn massive attention, reaching a $72 billion market cap in just two days. The excitement has also unleashed a wave of fraudulent activity, with over 6,800 fake tokens and 91 malicious decentralised applications (dApps) flooding the market, according to blockchain forensic firm Blockaid.
Scammers capitalised on the hype surrounding TRUMP, creating counterfeit tokens and applications designed to mimic the original coin. The surge in fake assets, particularly on networks like Solana and Ethereum, has made it increasingly difficult for investors to distinguish legitimate tokens from malicious ones. The scheme extended to tokens referencing Trump family members, further complicating the situation.
Blockaid has worked to shield users from these threats, blocking hundreds of interactions with fake assets since the TRUMP token’s release. While cryptocurrency’s decentralised nature empowers users, it also provides opportunities for bad actors, underscoring the ongoing need for vigilance and robust scam prevention efforts.
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