On January 24, according to Global Ledger's analysis, scammers used the hype around Trump Meme coin to defraud over $857 million from the crypto market in the past week.
It is reported that the scammers created tokens representing other national leaders, sent these tokens to the main TRUMP wallet holders to establish legitimacy, and then launched a 'Rug' scam.
Last Friday, Donald Trump launched a Meme coin called TRUMP, igniting a frenzy in the crypto market.
Scammers exploited the popularity of this token by sending fake coins to wallets associated with the TRUMP team and its creators. Crypto traders closely monitored these wallets and mistakenly purchased these worthless tokens.
They mistakenly believed that the TRUMP coin team was intentionally purchasing these tokens and had inside information. The scammers predicted and took advantage of this behavior.
According to the Global Ledger report, at least $857.5 million was defrauded through four scam tokens (JMilei, MELON, WTRUMP, PUTIN) associated with internationally known figures. (beincrypto)
