$8.2M Hack: Trump Family Crypto Account Compromised for Pump-and-Dump Scheme
A hacker claimed to have made over $8.2 million from promoting a token called GOLD on the official X account of realtrumpcoins, which is associated with the Trump family's crypto ventures.
The attacker used the compromised account to promote the GOLD token, which attracted significant trading volume and was touted as an opportunity endorsed by the Trump family.
However, blockchain data suggests that this was a pump-and-dump scheme: early buyers were lured in by the association with the Trump name, driving up the price before the attacker liquidated their holdings, leaving later investors with significant losses.
The hacker stated that the funds from the GOLD token would be used as a bounty to target members of the Trump family, which has raised concerns about the intersection between cryptocurrency fraud and social media crime.