$MELANIA Coin Team Suspected of Multiple Crypto Scams
The post $MELANIA Coin Team Suspected of Multiple Crypto Scams appeared on BitcoinEthereumNews.com.
Crypto experts at Bubblemaps have recently stated their suspicion that the development team behind the Official Melania Meme ($MELANIA) coin may have sniped it (used automated tools to instantly buy new tokens when they launch to flip them for profit). The analysts point at the blockchain activity of a Solana wallet address they called ‘0xcEA.’ Anonymous investors capitalized on Melania Trump’s new crypto release on January 19 and bagged $2.4M. They then transferred the funds to another wallet on Avalanche and distributed them across multiple Solana wallets through several cross-chain transfers. This shows an effort to hide the transaction history. The Link Between $MELANIA Coin and $LIBRA Crypto Scam According to Bubblemaps analysts, the 0xcEA wallet is also linked to another notorious crypto fiasco, Libra ($LIBRA), which happened on February 15. The modus operandi was almost identical. The investor(s) cashed in approximately $6M, then moved the funds through several wallets between Arbitrum and Avalanche. This led the analyst team to conclude that the two events were sniped by the same actors. Moreover, the consensus is that the investor is either a member of the development team behind $LIBRA or someone closely associated with them. Bubblemaps representatives also stated that the same actor is behind a handful of other pump-and-dump projects. The official $MELANIA coin surged to $13B within four hours of its release and lost 99% of its value over the course of the following eight hours. The Official Trump ($TRUMP) token suffered a similar fate with 38% of its value being wiped out in just 40 minutes. The Presidential Crypto Scam Trend The case of $TRUMP and $MELANIA crypto failures is not singular, as there are several other examples of presidentially supported coins crashing overnight. Javier Milei’s $LIBRA Controversy Javier Milei, the president of Argentina, found himself in hot…
Filed under: News - @ February 17, 2025 2:27 pm