- A trader lost 26,820 USDC in less than two minutes on Thursday morning.
- The trader fell for a hacker’s fake news intended to manipulate the market.
- TRUMP surged 20% over a short period but lost the gains almost immediately.
An unidentified trader lost 26,820 USDC in less than two minutes on Thursday morning after a fake bullish signal on the TRUMP memecoin.
According to reports, the trader withdrew 504,820 USDC from the Binance crypto exchange to buy TRUMP following news about the memecoin. He sold the tokens shortly after realizing the news was false but had already recorded a significant loss.
The positive news about TRUMP emerged on an X account with the handle Tier10k, known for posting reliable updates in the cryptocurrency industry. Typical of the X account, it was flooded with crypto-related news, later discovered to have been from hackers impersonating the original X account handler.
Related: Trump Bullish on Economy; Crypto Gains, Hayes Warns of Crash
Notably, the hackers used the X account under their control to publish false news, potentially affecting crypto market sentiment and investment decisions. The original account owner had removed the hacker’s updates from the platform at the time of writing. However, he confirmed the account takeover and advised followers to disregard messages from the handle until he resolved the issue.
STRUMP Token’s Volatile Ride
TRUMP spiked 20% in the early hours of Thursday following the hacker’s post. The surge was swift and did not last long, as the memecoin lost nearly all the gains it made this morning after the price pulled back.
This morning’s surge offered a brief respite for the TRUMP memecoin, which has been under bearish pressure since retreating from a pre-inauguration rally last January.
Related: Trump Memecoins Thrive Ahead of Election, Defying Market Trends
Meanwhile, considering the fake news that triggered the latest surge, optimism about an immediate recovery for the memecoin has faded. TRUMP has lost about 80% of its value from January 21 amid a stumbling crypto market that has failed to respond positively to President Donald Trump’s bullish moves. The memecoin traded for $10.82 at the time of writing, according to data from TradingView.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
