TRUMP (MAGA) Fake Token Rug Pull
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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.[1][2][3][4][5][6][7][8][9][10][11][12]
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%."
| 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
No specific policies for individual prevention have yet been identified in this case.
For the full list of how to protect your funds as an individual, check our Prevention Policies for Individuals guide.
Platform Prevention Policies
Policies for platforms to take to prevent this situation have not yet been selected in this case.
For the full list of how to protect your funds as a financial service, check our Prevention Policies for Platforms guide.
Regulatory Prevention Policies
No specific regulatory policies have yet been identified in this case.
For the full list of regulatory policies that can prevent loss, check our Prevention Policies for Regulators guide.
References
- ↑ SlowMist Hacked - SlowMist Zone (Accessed Jul 5, 2024)
- ↑ BNB Smart Chain Transaction Hash (Txhash) Details | BscScan (Accessed Jul 8, 2024)
- ↑ MAGA price today, TRUMP to USD live price, marketcap and chart | CoinMarketCap (Accessed Jul 8, 2024)
- ↑ @CryptoZ44368 Twitter (Accessed Jul 8, 2024)
- ↑ @ChainAegis Twitter (Accessed Jul 8, 2024)
- ↑ @magaacto Twitter (Accessed Jul 8, 2024)
- ↑ @MagaXMemecoin Twitter (Accessed Jul 8, 2024)
- ↑ @DammitKAdler Twitter (Accessed Jul 8, 2024)
- ↑ @MAGACOIN_ Twitter (Accessed Jul 8, 2024)
- ↑ @Anurag_1424 Twitter (Accessed Jul 8, 2024)
- ↑ @MAGA_hat_base Twitter (Accessed Jul 8, 2024)
- ↑ @CryptoZ44368 Twitter (Accessed Jul 8, 2024)