Scammers have reportedly stolen over $857 million from the cryptocurrency market by capitalizing on the hype around the TRUMP meme coin. The scammers created tokens representing other national leaders, sent them to major TRUMP wallet holders to appear legitimate, and then initiated a tactic known as a rug pull. The TRUMP token had a market cap of $8 billion by Wednesday, reaching a peak of $15 billion on Sunday. Scammers sent fake coins to wallets associated with the TRUMP team, and crypto traders mistakenly bought these worthless tokens, assuming insider knowledge. The scammers generated over $857.5 million through four scam tokens tied to international figures and cashed them out on major exchanges. A single entity or group appears to be behind these scams. The concentration of TRUMP and MELANIA meme tokens is held by just 40 wallets controlling 94% of the total supply. Most holders of these tokens are small-scale investors, with over 80% owning less than $1,000 worth of tokens. In addition, 42% of TRUMP and MELANIA token buyers are first-time crypto investors. The incident raises concerns about the potential for unlimited political bribery and calls for caution among users in the face of the dangers and volatility of meme coins.



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