Fraudsters have leveraged the rising popularity of meme coins tied to U.S. President Donald Trump and his wife, Melania, creating over 10 fraudulent websites, according to the Russian cybersecurity firm F.A.C.C.T. (formerly Group-IB). These websites target users by falsely claiming they need to link their wallets to verify eligibility for transactions involving the TRUMP and MELANIA tokens. This wave of fraud underscores the risks associated with the rapidly growing memecoin sector.

Maria Sinitsyna, senior analyst at Digital Risk Protection at F.A.C.C.T., detailed the methods used by scammers:

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.

Sinitsyna also noted the exploitation of these tokens’ popularity. F.A.C.C.T. analysts cautioned: “While Melania and Donald Trump compete in the success of their cryptocurrencies, scammers are making money on both of them.”

The memecoin market, popularized by tokens like dogecoin (DOGE) and shiba inu (SHIB), has seen explosive growth, often driven by celebrity endorsements. TRUMP launched on Jan. 17 with $11 billion in trading volume on its first day, followed by MELANIA two days later. Despite initial enthusiasm, both tokens experienced significant volatility.

Arthur Hayes, former CEO of crypto exchange Bitmex and a prominent figure in the cryptocurrency industry, has predicted a broader “memecoin explosion” involving other celebrities. “Memecoins are the best fan engagement tool ever invented,” Hayes stated. He added: “If Trump is doing it then it is less risky for Beyoncé or Swift to do one as well. Prepare your butts for a memecoin explosion.” His remarks highlight the growing intersection of celebrity culture and cryptocurrency, sparking debates over the ethics and long-term implications for the sector.

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