Fraudsters have taken advantage of the popularity of meme coins tied to Donald Trump and Melania Trump, creating fraudulent websites and tricking users into sharing their seed phrases. The Russian cybersecurity firm F.A.C.C.T. has identified over 10 fraudulent websites that target users by falsely claiming they need to link their wallets to verify eligibility for transactions involving the TRUMP and MELANIA tokens. This highlights the risks associated with the rapidly growing memecoin sector. The memecoin market, fueled by celebrity endorsements, has seen explosive growth, but also significant volatility. Arthur Hayes, former CEO of Bitmex, predicts a broader "memecoin explosion" involving other celebrities, raising concerns about the ethics and long-term implications for the cryptocurrency sector.



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