Scammers Strike Gold with $1M Trump Coin Rug-Pull
Scammers behind the Trump-themed gold coin on Solana made over $1 million in profit after rug-pulling their token. The incident highlights how attackers continue to exploit familiar methods to defraud crypto investors.
The token, called Trump Digital Gold, launched on Solana with a total supply of 1 billion and was controlled by the developer, who held 60% of the supply. Within hours of its launch, the token's price surged due to a post on X (formerly Twitter) by Realtrumpcoins, an account followed by President Trump.
However, the tweet was deleted two hours later, and the team behind the token started selling their holdings. The token's market cap plummeted from $55 million to $1 million in 30 seconds, with the scammers making off with 9,784.6 SOL.
The incident has sparked speculations about insider involvement, as the Realtrumpcoins account has not issued any statement about being hacked or compromised. Eric Trump had recently warned that the Trump family is not planning to launch any coin, but this did not deter investors from buying into the fake token.