According to Beincrypto, scammers took advantage of the popularity of Trump's TRUMP token issued last week to send counterfeit currency to wallets associated with the TRUMP team and its creators, causing cryptocurrency traders who closely monitor these wallets to mistakenly purchase these worthless tokens. They thought that the Trump meme coin team intended to purchase these tokens and had insider information. Scammers anticipated this behavior and profited from it.
According to Global Ledger, the four fraudulent tokens associated with Trump have generated at least $857.5 million in revenue. These tokens - JMilei, MELON, WTRUMP, and PUTIN - have been cashed out on multiple major exchanges. Further investigation revealed that PUTIN, KING, and BUFFET tokens are associated with the same deposit wallet on Binance. These wallets have withdrawn a total of 91.3 million US dollars. This pattern indicates that the same entity or group may have created and cashed out these tokens.
