Trader Falls For Fake News & Buys $504k of TRUMP, Lost $26k in 2 Min

A trader has fallen for fake quality posted connected a fashionable crypto quality sharing grip db (@tier10k) and bought $504k worthy of TRUMP meme coin conscionable to instrumentality a nonaccomplishment of $26k by selling it aboriginal successful 2 minutes. The quality posted by db was recovered retired to beryllium fake arsenic the grip claimed they were hacked and deleted the station soon after.

The now-deleted station claimed that TRUMP memecoin would person a existent satellite utility. While the quality was shared without immoderate coagulated proof, radical believed successful the announcement arsenic it came from 1 of the astir trusted publisher. 

db Account Hacked – Source: x.com/tier10k

Following the news, TRUMP terms pumped 20% successful minutes portion shrunk backmost aft confirmation that the db relationship was hacked. 

The trader who took the $26k of loss, was rushing to bargain TRUMP and they withdrew 504,820 of USDC from Bianance. Lookonchain stated that erstwhile the quality was confirmed to beryllium fake, helium sold each TRUMP holdings and mislaid 26,820 USDC successful the trade. 

Incidents similar this punctual america not to spot immoderate “too-good-to-believe” quality arsenic astir of the clip the announcer turns retired to beryllium hacked. In crypto space, hackers often allure investors by attacking immoderate fashionable X accounts to dispersed fake news. 

Also Read: Crypto Trader Loses $215K successful MEV Sandwich Attack