Catenaa, Friday, January 24, 2025 – Crypto fraudsters are exploiting the launch of $TRUMP and $MELANIA meme coins, creating phishing sites to steal funds from crypto wallets, according to Russian cybersecurity firm FACCT.
Maria Sinitsyna, a senior analyst at FACCT, reported that over a dozen fake websites have emerged, targeting holders and potential investors of the Trump and Melania-themed tokens. These sites prompt users to link their wallets under the guise of eligibility checks or token swaps, later requesting sensitive wallet seed phrases to drain funds.
The $TRUMP coin debuted on January 18, followed by $MELANIA a day later. Despite their popularity, financial analysts warn of risks associated with meme coins, citing extreme volatility and speculative purposes. Vladislav Antonov from BitRiver emphasized the dangers, as these tokens can rapidly lose value.
Meanwhile, academic Andrey Sirotkin from Moscow Financial and Industrial University predicted a surge in meme coin launches by prominent figures in 2025, despite skepticism from conservative investors.
FACCT urged crypto users to avoid linking wallets to unverified sites and to exercise caution with tokens tied to high-profile events.
The Securities and Exchange Commission and other watchdogs have also expressed concerns over the rapid growth and speculative nature of such meme coins.
