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Various scam tokens brought fraudsters more than $857.5 million amid a surge in demand for the OFFICIAL TRUMP meme coin (TRUMP). This was reported to Incrypted by Global Ledger experts.
According to the organization’s report, the fraudsters used the Pump and Dump scheme in each case. As the experts noted, they sent significant amounts of their tokens to the wallets of TRUMP holders, thus creating the appearance of their value.
This attracted the attention of other traders, resulting in an appreciation of the assets. The fraudsters would then sell their tokens, which in turn caused the value to plummet.
As Global Ledger noted, only four such projects brought in $857.53 million, including Milei, Melon Musk, OFFICLAL TRUMP and Vladimir Putin tokens. In the course of «pumping up» prices, the fraudsters sent significant amounts of assets to the largest TRUMP holders.