Research by Global Ledger shows that scammers leveraged the TRUMP meme coin hype to steal over $857 million from the crypto market in the past week. 

Scammers allegedly created tokens representing other national leaders, sent them to major TRUMP wallet holders to establish legitimacy, and then initiated a rug pull.  

TRUMP Meme Coin Hype Created a Rug Pull Frenzy 

Donald Trump launched a meme coin, TRUMP, last Friday, igniting a chaotic buzz across the crypto market. By Wednesday, the token’s market cap hit $8 billion, following a peak of $15 billion on Sunday. 

Fraudsters have been exploiting the token’s popularity by sending fake coins to wallets associated with the TRUMP team and its creators. Crypto traders, closely watching these wallets, mistakenly bought these worthless tokens. 

They assumed that the TRUMP meme coin team was intentionally buying these tokens and had insider knowledge. Scammers anticipated this behavior and capitalized on it.

According to Global Ledger, at least $857.5 million has been generated through four scam tokens tied to international figures. These tokens—JMilei, MELON, WTRUMP, and PUTIN—were cashed out on major exchanges, including Binance, OKX, Crypto.com, and Bybit. 

Further investigations found that three tokens—PUTIN, KING, and BUFFET—were linked to the same deposit wallets on Binance. These wallets withdrew $91.3 million. 

The pattern suggests that a single entity or group created and cashed out these tokens.

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Author: Mohammad Shahid