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Fraudsters use Trump and his wife's memecoins to attract victims — cybersecurity company

Users are offered to link their wallets to the resource to check their right to participate in transactions with the new cryptocurrency

MOSCOW, January 21. /TASS/. Fraudsters have already created more than 10 websites using exploiting the recently launched memecoin of US President Donald Trump, as well as several websites using the token of his wife Melania, the Russian cybersecurity company called F.A.C.C.T. (formerly known as Group-IB) reported.

TRUMP and MELANIA memecoins are used to attract victims. Users are offered to link their wallets to the resource to check their right to participate in transactions with the new cryptocurrency.

"The official address of the token is indicated on all websites, but when connecting, the victim is asked for the seed phrase from the wallet. Fraudsters can also "hijack" a crypto wallet or connect malware to withdraw funds," said Maria Sinitsyna, senior analyst at Digital Risk Protection at the company.

"While Melania and Donald Trump compete in the success of their cryptocurrencies, scammers are making money on both of them," analysts concluded.

On January 17, Trump announced the launch of his own cryptocurrency on the Truth Social network. Its daily trading volume exceeded $11 billion, according to data from the CoinMarketCap platform.

Later, Bloomberg expressed the opinion that the launch of tokens by Trump and his wife is causing reputational damage to the crypto industry.