Trouble in paradise! The popularity of meme coins linked to former U.S. President Donald Trump and his wife, Melania, has unfortunately opened the door for scammers to take advantage of investors. Security company F.A.C.C.T. (formerly Group-IB) has 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 confidence in meme coins.
But how exactly are these scams pulling in victims, and what’s the real cost for investors? Keep reading to learn more about the growing danger lurking in the meme coin market.
How the Scam Works: A Simple, Yet Dangerous Trap
These fraudulent websites often ask users to connect their wallets to check if they are eligible to make transactions. Once the wallet is connected, the scammers ask for seed phrases, giving them full control over the victims’ wallets. In some cases, they directly steal the cryptocurrency.
A senior analyst from F.A.C.C.T. explained that these scams rely on building trust. By displaying official-looking token addresses, the scammers make their sites appear legitimate, which makes it easier for them to steal funds.
Trump and Melania Tokens
The TRUMP token launched on January 17, 2025, and quickly reached a market capitalization of over $11 billion on its first day. The MELANIA token, launched on January 19, followed a similar path. While these tokens gained a lot of attention, they also attracted scammers hoping to take advantage of unsuspecting investors.
Meme coins have become a big part of today’s financial and cultural scene, but they have also become a favorite target for fraudsters. The extreme volatility of these tokens makes investors more vulnerable to scams.
A History of Memecoin Scams
Recent events show just 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 soon collapsed, leaving many investors with losses.
In another case, hackers took over Nasdaq’s official X account to promote a fake STONKS token. The token’s market cap shot up to $80 million before it was exposed as a scam. These examples show just how easily scammers can manipulate the market.
Never Miss a Beat in the Crypto World!
Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more.
Stay Safe Out There!
To avoid falling for these scams, investors must make sure the token platform is legitimate. Never share wallet information, and always use secure wallets to reduce the risk of being hacked.
Regulators must also keep a close eye on the meme coin market to prevent scammers from targeting more people.
