More than 700 unauthorized cryptocurrency tokens have been sent to Donald Trump’s digital wallet in three weeks after launching their official meme coin.
according to a financial Times Analysis, fleet of coins of copying has warned of potential investor deception.
The bounce began within 30 minutes of Trump’s initial token declaration, with the creators exploiting the facilities of Solana (Sol) blockchain without deposits in other wallets.
Hundreds of these use names associated with tokens Trump or their family members, including “official Trump” and “official melania”, which have no real relations with the President.
The real Trump Mem Sikka shown in the chart below is 24.6% for the last seven days.
The analysis found 167 trump family-theme coins, the term “official” was used in his name with 67. Unauthorized tokens also target Trump’s children: 30 reference Barons, 26 mentions of Ivanka, and 10 include Eric’s name.
Elone Musk, CEO of another 35 token Tesla, attempts to join with a Trump associate.
Eswar Prasad, senior partner of Brookings Institution, told FT that Trump’s entry into the coins of memes opened flood attacks for deception and large -scale speculation, “put enough risk to ordinary investors.
The investigation revealed the suspected trading pattern. In one case, one account bought $ 100,000 of a fake “official Trump” coin and sold one after a full 12 seconds.
Many tokens show minimal trading activity. The “official baron trump” coin, despite an important value of $ 6 billion on its final trade, has not seen the activity since January 21, its biggest transaction is just $ 242.
Assistant Professor of Columbia Business School Omid Malecan said that “without thinking -in -law” faces challenges to separate valid projects from copying.
The situation has overwhelmed some crypto exchanges, with the CEO of the coinbase Brian Armstrong admitted that it is no longer possible to evaluate about one million new tokens created weekly. “
“And regulators need to understand that applying for approval for each is completely disqualified at this point (they cannot do 1m in a week),” Armstrong said. “It needs to move to a block list from an permission list, and use automatic scan of customer review/Onchain data to help squeeze through customers. He and we will continue to integrate domestic dex support more deeply. Customers do not need to know or care whether the business is happening on Dex or CEX. ,
