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Holders of $TRUMP and $MELANIA meme coins should be cautious of scammers currently targeting their cryptocurrency wallets, a Russian security firm cautioned on January 21.
Maria Sinitsyna, a senior analyst at FACCT, informed Izvestia that fraudsters “have begun establishing new $TRUMP-themed websites” to “entrap victims” and “misappropriate funds from their crypto wallets.”
Scammers Create $TRUMP and $MELANIA-Themed Websites
The expert noted that her organization has identified that scammers have launched “over a dozen websites” aimed at deceiving $TRUMP and $MELANIA holders as well as potential investors.
$TRUMP prices since the token’s launch on January 18. (Source: CoinMarketCap)
“Fraudsters have been leveraging information regarding US President Donald Trump as part of various scam operations for some time. However, attackers are now capitalizing on the news surrounding the launch of the $TRUMP and $MELANIA tokens to create crypto phishing sites. Our analysts have uncovered more than a dozen $TRUMP-themed websites designed to steal funds from crypto wallets.”
Maria Sinitsyna, Senior Analyst, FACCT
Sinitsyna explained that these websites prompt visitors to “link their wallets” to “check if they are eligible to participate in $TRUMP and $MELANIA-related events.”
However, if they follow these prompts, the “victims” are ultimately asked to provide their wallet seed phrases.
Scammers can then utilize this information to access and deplete crypto wallets, Sinitsyna warned.
President Donald Trump initiated his extensive immigration enforcement, assigning the US military to assist with border security, implementing a broad ban on asylum, and taking measures to restrict citizenship for children born on US soil https://t.co/Vd4FvFhSK9
— Reuters (@Reuters) January 21, 2025
She added that fraudsters may also “take over” a crypto wallet or “connect” it to “a draining program” to “withdraw all of its assets.”
Sinitsyna also mentioned that one of the phishing sites masquerades as a type of crypto exchange that allows holders of other coins to swap their assets for $TRUMP tokens.
However, she stated, the site instead diverts funds to the scammers’ crypto wallets.
“Cryptocurrency holders should exercise caution when utilizing online resources and tokens created in response to significant news events. If you link your crypto wallets to questionable sites, it’s likely you’ll become a victim of fraud. You could potentially lose all your crypto assets.”
Sinitsyna
Melania meme coin launches following Trump’s new cryptocurrency https://t.co/vrPWxi8nB7
— The Hill (@thehill) January 20, 2025
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$MELANIA, $TRUMP Holders Should Be Aware of ‘Significant Risks’
The $TRUMP meme coin was launched on January 18, with the Melania Trump-themed token debuting the following day.
The same media outlet quoted financial analyst Vladislav Antonov from the crypto mining giant BitRiver, who stated that investing in the Donald and Melania Trump-themed meme coins “carries significant risks.”
Antonov noted that meme tokens are “known for their extreme volatility and are often created solely for speculative purposes.”
The market value of a newly-launched Trump memecoin — a digital token that appears to provide direct financial benefit to the president-elect’s family — surged to approximately $5.6 billion by Saturday afternoon, drawing swift criticism from regulatory watchdogs. https://t.co/zBig9EbUYY
— Bloomberg (@enterprise) January 19, 2025
Meme Coin ‘Risks’
Meanwhile, in an interview with Gazeta.ru, a prominent Russian academic asserted that meme coins will gain immense popularity throughout 2025.
Andrey Sirotkin, a senior lecturer at the banking department of Moscow Financial and Industrial (Synergy) University, stated that business “leaders and pop stars” would soon introduce their own coins.
If meme coins are the trend, perhaps I’ll create one. With a twist. Same terms as $TRUMP. 20% float. Same launch schedule. One difference.
All the proceeds from the sale of the coins will go to the US Treasury. The wallet address will be published so everyone can track it.
If…— Mark Cuban (@mcuban) January 20, 2025
‘A Piece of History’
“Trump meme coins are being promoted as ‘a piece of history.’ And that’s helping meme coins stand out in the crypto landscape. This is particularly true if it originates from the US President, who is supported in every regard by business magnate Elon Musk.”
Andrey Sirotkin, senior lecturer, Moscow Financial and Industrial (Synergy) University
Sirotkin indicated that “a new era” of crypto – including meme coins – is now “on the horizon.”
“Soon, it won’t just be the American President who’s issuing meme coins. Other prominent business and pop culture figures will also join in. By the end of 2025, individuals like Elon Musk may announce the launch of their own coins. These launches could be timed to coincide with major events or reforms.”
Sirotkin
However, the academic cautioned that “from the perspective of conservative investors,” he “would not invest money in this type of asset.”
Sirotkin warned that Trump-themed meme coins would “eventually collapse,” similar to another “notable meme coin, specifically Hamster Kombat.”
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