Trump-Linked Account Promotes Speculative Crypto Token
A Twitter account linked to Donald Trump's organization promoted a token called $GOLD before wallets associated with the project sold their holdings, raising concerns about how Trump-linked accounts can be used to lend credibility to speculative crypto tokens.
The account 'realtrumpcoins1' is followed by @realDonaldTrump and describes itself as an 'Official Partner of The Trump Organization.' While Coin Bureau flagged the $GOLD posts as an apparent hack, neither the account holder nor the Trump Organization has confirmed that the account was compromised.
The incident follows a familiar pattern: the presence of a seemingly legitimate account, new coins being created, and people rushing to buy them before the verification process is complete. This can lead to complications beyond just one token, including impersonation scams and market manipulation.
A total of $312,000 was made from the sale of 224.5 million tokens by a group of wallets associated with the project, according to Lookonchain. The wallets controlled 82.45% of the supply, allowing them to make decisive moves in the market that made ordinary traders vulnerable.