Trump Digital Gold Scam Uncovered: $8.2M Stolen in Pump and Dump Scheme

A blockchain security firm has uncovered a cryptocurrency scam that saw scammers hijack a website and social media account to promote a fake token called Trump Digital Gold (GOLD). The scammers artificially inflated the token's market capitalization to $60 million before selling off their holdings and disappearing with approximately $8.2 million.

GoPlus, the blockchain security firm, reported that the attackers gained control of the legitimate-looking website and associated social media account, using them to lend credibility to the GOLD token. The developers' funding was traced back to the KuCoin exchange, indicating a coordinated effort to launder proceeds.

The same group also issued a second token, Trump Digital Platinum (PLATINUM), which contained malicious code capable of draining the balances of any holder who interacted with it.