Scammers Behind Trump Digital Gold Token Exit With $8.2M After Pumping Market Cap to $60M

BitcoinWorld

Scammers Behind Trump Digital Gold Token Exit With $8.2M After Pumping Market Cap to $60M

A fraudulent crypto operation has been uncovered after a group hijacked the realtrumpcoins[.]com website and the @realtrumpcoins1 social media account to promote a fake token called Trump Digital Gold (GOLD). According to blockchain security firm GoPlus, the scammers artificially inflated the token’s market capitalization to as high as $60 million before selling off their holdings and disappearing with approximately $8.2 million.

How the Scam Worked

GoPlus reported that the attackers gained control of the legitimate-looking website and associated social media account, using them to lend credibility to the GOLD token. The developers’ funding was traced back to the KuCoin exchange, indicating a coordinated effort to launder proceeds. The same group also issued a second token, Trump Digital Platinum (PLATINUM), which contained malicious code capable of draining the balances of any holder who interacted with it.

This incident highlights a growing trend of scammers exploiting the popularity of political figures and meme coins to lure unsuspecting investors. By hijacking established domains and social media presences, the perpetrators added a layer of false legitimacy that made the scheme more convincing.