Azoundria: Created page with "{{Imported Case Study With About|source=https://www.quadrigainitiative.com/casestudy/trumpmagafaketokenrugpull.php}} {{Unattributed Sources}} MAGA Memecoin, One Of Many CoinsIn a world of various unofficial MAGA tokens since 2021, none appear to be officially backed by Donald J Trump. One particular token of the same name completed a rug pull, netting the creators close to a million dollars. Other than a couple tweets, is anyone paying at..."

2024-09-18T21:09:34Z

Created page with "{{Imported Case Study With About|source=https://www.quadrigainitiative.com/casestudy/trumpmagafaketokenrugpull.php}} {{Unattributed Sources}} thumb|MAGA Memecoin, One Of Many CoinsIn a world of various unofficial MAGA tokens since 2021, none appear to be officially backed by Donald J Trump. One particular token of the same name completed a rug pull, netting the creators close to a million dollars. Other than a couple tweets, is anyone paying at..."

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{{Imported Case Study With About|source=https://www.quadrigainitiative.com/casestudy/trumpmagafaketokenrugpull.php}}
{{Unattributed Sources}}

[[File:Magamemecoin.jpg|thumb|MAGA Memecoin, One Of Many Coins]]In a world of various unofficial MAGA tokens since 2021, none appear to be officially backed by Donald J Trump. One particular token of the same name completed a rug pull, netting the creators close to a million dollars. Other than a couple tweets, is anyone paying attention? It is unclear who is even chasing those funds for recovery.<ref name="slowmisthackedarchive-14571" /><ref name="bscscan-14590" /><ref name="coinmarketcap-14591" /><ref name="cryptoz44368twitter-14592" /><ref name="chainaegistwitter-14593" /><ref name="magaactotwitter-14594" /><ref name="magaxmemecointwitter-14595" /><ref name="dammitkadlertwitter-14596" /><ref name="magacointwitter-14597" /><ref name="anurag1424twitter-14598" /><ref name="magahatbasetwitter-14599" /><ref name="cryptoz44368twitter-14600" />

== About MAGA Memecoin ==
"MAGA Movement on the Blockchain. Buy with Ethereum Buy with Solana The #1 ranked token in Politifi. We’ve raised more funds for U.S. Veterans and Child Tracking Prevention than any other cryptocurrency on the market."

== The Reality ==
"Please be advised that MAGA Memecoin is a cryptocurrency created for entertainment purposes and is not affiliated with or endorsed by Donald J. Trump. While MAGA Memecoin may reference or incorporate elements related Trump’s persona, image, or likeness, it does not imply any direct endorsement, partnership, or approval by Trump. Any resemblance or association between MAGA Memecoin and Donald J. Trump is purely coincidental and intended for satirical or humorous purposes."

== What Happened ==
"The Fake TRUMP (MAGA) on BNBChain is suspected of a rug pull, and the current token price has dropped by 100%."
{| class="wikitable"
|+Key Event Timeline - TRUMP (MAGA) Fake Token Rug Pull
!Date
!Event
!Description
|-
|July 1st, 2024 11:58:29 PM MDT
|Blockchain Transaction
|The transaction on the blockchain where the token liquidity is pulled.
|-
|July 2nd, 2024 11:52:00 PM MDT
|ChainAegis Tweet
|ChainAegis shares a tweet about the fake MAGA token, also referring to others as "the legitimate ones".
|}

== Technical Details ==
This section includes specific detailed technical analysis of any security breaches which happened. What specific software vulnerabilities contributed to the problem and how were they exploited?

== Total Amount Lost ==
$957,552

The total amount lost has been estimated at $958,000 USD.

== Immediate Reactions ==
"The Fake $MAGA on BNBChain is suspected to be Rugpull, and the current token price has dropped by 100%.
*Note*: The #rugpull token shares the same name as the legitimate ones."

"SharkTeam reminds you to be highly vigilant and guard against fraud scams."

== Ultimate Outcome ==
What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?

== Total Amount Recovered ==
There do not appear to have been any funds recovered in this case.

What funds were recovered? What funds were reimbursed for those affected users?

== Ongoing Developments ==
What parts of this case are still remaining to be concluded?
== Individual Prevention Policies ==
{{Prevention:Individuals:Placeholder}}

{{Prevention:Individuals:End}}

== Platform Prevention Policies ==
{{Prevention:Platforms:Placeholder}}

{{Prevention:Platforms:End}}

== Regulatory Prevention Policies ==
{{Prevention:Regulators:Placeholder}}

{{Prevention:Regulators:End}}

== References ==
<references><ref name="slowmisthackedarchive-14571">[https://web.archive.org/web/20240705195425/https://hacked.slowmist.io/ SlowMist Hacked - SlowMist Zone] (Accessed Jul 5, 2024)</ref>

<ref name="bscscan-14590">[https://bscscan.com/tx/0x2ee9a9ceae28769564f0865241d83d1131972805c1035cc722995e201caca32b BNB Smart Chain Transaction Hash (Txhash) Details | BscScan] (Accessed Jul 8, 2024)</ref>

<ref name="coinmarketcap-14591">[https://coinmarketcap.com/currencies/maga/ MAGA price today, TRUMP to USD live price, marketcap and chart | CoinMarketCap] (Accessed Jul 8, 2024)</ref>

<ref name="cryptoz44368twitter-14592">[https://twitter.com/CryptoZ44368/status/1808650002312671701 @CryptoZ44368 Twitter] (Accessed Jul 8, 2024)</ref>

<ref name="chainaegistwitter-14593">[https://twitter.com/ChainAegis/status/1808378252450472123 @ChainAegis Twitter] (Accessed Jul 8, 2024)</ref>

<ref name="magaactotwitter-14594">[https://twitter.com/magaacto/status/1808643706733421023 @magaacto Twitter] (Accessed Jul 8, 2024)</ref>

<ref name="magaxmemecointwitter-14595">[https://twitter.com/MagaXMemecoin/status/1808293068585759020 @MagaXMemecoin Twitter] (Accessed Jul 8, 2024)</ref>

<ref name="dammitkadlertwitter-14596">[https://twitter.com/DammitKAdler/status/1807043757583306951 @DammitKAdler Twitter] (Accessed Jul 8, 2024)</ref>

<ref name="magacointwitter-14597">[https://twitter.com/MAGACOIN_/status/1807176609243496818 @MAGACOIN_ Twitter] (Accessed Jul 8, 2024)</ref>

<ref name="anurag1424twitter-14598">[https://twitter.com/Anurag_1424/status/1808058046616068328 @Anurag_1424 Twitter] (Accessed Jul 8, 2024)</ref>

<ref name="magahatbasetwitter-14599">[https://twitter.com/MAGA_hat_base/status/1808018836450423276 @MAGA_hat_base Twitter] (Accessed Jul 8, 2024)</ref>

<ref name="cryptoz44368twitter-14600">[https://twitter.com/CryptoZ44368/status/1808126457866342483 @CryptoZ44368 Twitter] (Accessed Jul 8, 2024)</ref></references>

TRUMP (MAGA) Fake Token Rug Pull - Revision history