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More than 700 unauthorized tokens of cryptocurrencies were sent to the Digital wallet of Donald Trump in three weeks after his official launch of meme coins.
According to a Financial Times Analysis, the Copycat coin fleet encouraged warnings about the potential deception of the investor.
The rush began within 30 minutes from Trump’s initial announcements of Token, and the creators used Blockchain’s Solan (Sol) features that allow unquestionable deposits to other wallets.
Hundreds of these chips use names associated with Trump or his family members, including “official Trump” and “official melania”, although they did not have a real connection with the president.
The actual Trump meme coin, shown in the lower chart, has been reduced by 24.6% in the last seven days.
The analysis found 167 Trump Copycat coins with the theme of the family, and 67 used the word “official” in their names. Unauthorized tokens also target Trump’s children: 30 reference Barrons, 26 mention of Ivanka, and 10 include Eric’s name.
Another 35 tokens are trying to relate to Tesla’s executive director Elon Musk, Trump’s Allied.
Older colleague Brookings Eswar Prasad said FT said that Trump’s entry into Meme Coins “opened floods on deception and angry speculation”, which led the usual investors to a considerable risk.
The investigation revealed suspicious trading patterns. In one case, the account bought $ 100,000 in the false “official Trump” coin and sold the whole gait 12 seconds later than the loss.
Many tokens show minimal trade activity. The Official Barron Trump coin, despite the imagined value of $ 6 billion based on the last store, did not see the activity from January 21, and its largest transaction was only $ 242.
Columbia Omid Malekan Professor Malekan noted that “uninformed investors” face challenges that distinguish legitimate projects from imitations.
The situation has flooded some crypto exchange, and Coinbase CEO Brian Armstrong has admitted that an estimate of approximately one million new tokens created per week is “no longer feasible”.
“And regulators must understand that at this point the application for approval for everyone is completely impossible (I cannot work 1 m per week),” Armstrong said. “It must be moved from the list of blocks to the block list and use customer examinations/automated SCHAIN data scan, etc. to help customers pass. This will continue to integrate the Native Dex support deeper. Customers should not know or worry if the store happens on Dex or CEX. “
