Fraudsters target TRUMP and MELANIA tokens with fake websites

A wave of fraud has emerged in the cryptocurrency market, specifically targeting TRUMP (CRYPTO:TRUMP) and MELANIA tokens, as scammers exploit their popularity by creating over ten fraudulent websites.

According to the Russian cybersecurity firm F.A.C.C.T. (formerly Group-IB), these fake sites trick users into believing they must link their wallets to verify eligibility for transactions involving these tokens.

Maria Sinitsyna, a senior analyst at F.A.C.C.T., explained that while the official token addresses are displayed on these sites, victims are prompted to provide their wallet seed phrases, which can lead to significant financial losses.

The scammers also employ tactics to hijack crypto wallets or install malware for fund withdrawals.

Sinitsyna pointed out that as Melania and Donald Trump compete for success in the cryptocurrency space, “scammers are making money on both of them.”

The memecoin market has seen explosive growth, with TRUMP and MELANIA tokens launched recently amid a surge in trading activity.

However, both tokens have faced volatility since their launch, with TRUMP experiencing a trading volume of $11 billion on its first day.

Arthur Hayes, former CEO of Bitmex, predicted a broader "memecoin explosion," highlighting the potential for celebrity-driven cryptocurrencies to engage fans.

Despite the excitement surrounding these tokens, analysts caution that the rapid growth of the memecoin sector comes with risks.

In light of the fraudulent activities surrounding TRUMP and MELANIA tokens, users are urged to exercise caution and verify website authenticity before engaging in transactions.

At the time of reporting, the Official Trump (TRUMP) price was $37.18.