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Scammers made over $1 million in profit after creating a Donald Trump-themed gold coin and rug-pulling it. Onchain analyst EmberCN reported the incident, noting that the token Trump Digital Gold launched on Solana.
The token gained traction and attracted investors after Realtrumpcoins posted about it on X (formerly Twitter). There are speculations that scammers hacked the account to make the post.
How Trump GOLD Rugpull Scam Happened
According to Lookonchain, Trump Digital Gold launched with a total supply of 1 billion. The developer controlled 60% of its supply, while 15 newly created wallets also bought 224.5 million tokens for $18,657 soon after it launched.
With the team controlling 82.45% of the supply, Realtrumpcoins, an account followed by President Trump and identified as a collaboration account for Trump merchandise, posted about the token and included its address.
The post was enough to cause the GOLD token price to surge, with its market cap reaching $66 million at its peak. However, the tweet was deleted about two hours later as the team address started selling the token.
Within 30 seconds, the token market cap fell from $55 million to $1 million while the team continued selling. They have now dumped all the 824.54 million tokens they were holding, making 9,784.6 SOL in the process.
Speculations Grow About Trump Gold Scam
Meanwhile, the incident further highlights how scammers continue to rely on familiar tactics to defraud users. According to observers, investors in the token legitimately thought it was real because Trump follows Realtrumpcoins.
However, Eric Trump had recently warned that the Trump family is not planning to launch any coin. This did not stop people from still buying into the fake token when it launched.
Interestingly, the Realtrumpcoins account has not issued any statement about being hacked or compromised, even after the post was deleted. This has led to speculations that insiders might be involved if it was not a hack.
One user claimed that the scammers took control of the Realtrumpcoins website after its domain expired. They reportedly used the domain to gain access to the business email and hack the X account.
