Hackers targeted World Liberty Financial co-founder Zach Witkoff, using his X account to promote a fake meme coin based on Barron Trump. Moderators quickly removed the post, but BARRON’s price has yet to decline.
Political meme coin scams are tearing through the crypto community, and they’re getting more brazen. A fresh supply of gullible victims is strongly incentivizing naked robbery.
BARRON Meme Coin Hasn’t Fallen Yet
Since Donald Trump launched his TRUMP meme coin, the industry has taken a dark turn. Crypto scams have entered a golden age, with scammers stealing $857 million off TRUMP in the first week of his Presidency. Today, hackers compromised WLFI co-founder Zach Witkoff’s social media account and briefly used it to promote a fake BARRON meme coin.
“Account was hacked. Thanks to X and James Musk [Elon’s cousin] for hopping on this quickly. You guys are the best!” Witkoff claimed.
Needless to say, the meme coin had absolutely nothing to do with the President’s son, Barron Trump. However, his daughter also had to deny all association with an IVANKA meme coin, but that scam still proved profitable.
After moderators removed the post and Witkoff warned investors, the asset’s price didn’t even fall from its spike. BARRON and other Trump family fake meme coins are just the tip of the iceberg.
A wave of scam political-themed meme coins is tearing its way through the crypto space, and luminaries like Vitalik Buterin feel powerless to stop it.
There are plenty of examples of this worrying trend. In January, scammers falsely associated an XRP wallet with the US Treasury, but it’s unclear how much money it actually made.
Most recently, the X accounts of two former heads of state, a Brazilian President and a Malaysian Prime Minister, were hacked to promote fake meme coins. Both scams earned over $1 million.
In short, the crypto space should brace for a lot more fake meme coins like BARRON in the future. A survey claimed that 40% of TRUMP investors were total newcomers to the space, and scammers are fully exploiting this trend.
It’s difficult to say how the current meme coin craze will continue to unfold. The most challenging aspect is that users often know these tokens are scams but still intentionally trade them to try their luck. This speculative trading practice is almost becoming similar to gambling, and it’s impacting the industry’s credibility.
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