In the wake of the emergence of the $ 72 billion Trump Meme Coin, the encryption market is exposed with a flood of fraud, with 6800 fraudulent and 91 DAPS codes appeared quickly, analysts say.
What begins with increased excitement can quickly turn into chaos. The launch of the official Mimi currency (Trump) in January not only seized the attention of the encryption community, but also opened the Pandora Fund as those who are eager to exploit the noise, and the market is crushing with fake symbols and harmful applications.
On January 17, President Donald Trump appeared for the first time in Meme Coin, which was marketed as a unique opportunity to express “support and communication with the ideals and beliefs” embodied by the code Trump, according to the official Meme Coin website, which was also shown to Trump. advertisement On x.
Within just 48 hours of its issuance, Trump achieved the market value of $ 72 billion, which led to a “perfect storm for fraud”, at Blockaid, which is based in Israel. However, this increase has not only attracted the speculators who seek to earn a quick dollar, but also a virgin representative who sought to take advantage of the frenzy.
Blockchain has revealed in A. Research report The fraudsters were not lost at any time taking advantage of the surrounding tune by launching the distinctive symbol. Soon these harmful actors were flooded with fake symbols, hoping to deceive the investors who were eager to jump on the vehicle.
The report shows a 206 % increase in symbols using the “Trump” name on the launch day, from 3300 to 6800 icons. These fraudsters created many symbols designed to imitate Trump Mimi, making it difficult for investors to distinguish between legitimate assets from fraudulent assets.
A spokesman for the Blockaid Crypto.News told the fraudsters that “it is difficult for investors to be increasingly distinguishing between legitimate symbols and malicious sounds.”
“[…] This challenge is not unique to Trump. At almost every web3 launch, our team sees how threat representatives create projects that simulate the brand and excitement of real symbols, creating confusion and exposing users to great risks. “
Oz Tamir, research and development in Blockaid
With the public’s eagerness to buy Trump symbols, these fake assets were able to get traction and even make a profit for those behind them.
The same increase in interest in malicious decentralized applications was seen, which also witnessed a sharp increase after launch. Blockaid says that the next day for the Meme coin, the DAPS erection saw a 14X height, adding that more than 90 fake requests appeared in only 24 hours.
The Blockaid report also indicates that the fraudsters did not stop with the Trump code. Other symbols that refer to the Trump family members, such as “Melania” and “Baron”, also rose by hundreds of percent, with the impression of a network of symbols associated with Trump brand. These symbols helped these symbols create “they are an interconnected ecosystem,” says Blockaid.
Tamir notes that the largest height of fake symbols “was noticeable for Solana, especially during this launch, given the spread of Meme currencies on the network.”
“However, EVM networks like Ethereum were constantly a hot point for fraud as well, including fake symbols and harmful DAPPS targeting EVM users.”
Oz Tamir
As excitement grows around prominent launch operations, the chance of scammers is increasing to benefit from reassuring users. Unfortunately, the decentralized nature of the cryptocurrency, with enabling users, also opens the door for malicious actors to exploit the system.
In response to the rise in fraud, Blockaid says it is trying to prevent users from interacting with harmful symbols and fake DAPPS. Since the Trump icon was launched, the company has revealed that it has prevented hundreds of users from engaging with fraudulent assets.
