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The memecoin GOLD, launched within the Solana ecosystem with the theme “Trump Digital Gold,” lost almost all of its value after a sharp rise in value in a short period. While the token’s launch from an official social media account linked to Donald Trump initially generated great interest, claims emerged that the account may have been hacked.
Trump Digital Gold (GOLD) reached a market capitalization of over $60 million within approximately two hours of its launch in the morning. However, the price subsequently declined rapidly. Initially falling to $10 million, the token briefly recovered to around $36 million, but selling pressure intensified.
In the following minutes, it was reported that GOLD’s market value plummeted by over 95% in just one minute, falling to approximately $1.8 million. After the post promoting the project was deleted, its market value reportedly dropped further to around $600,000.
The GOLD token was initially introduced by an account called @realtrumpcoins1, which sells official Trump-themed collectible coins and medals. The fact that this account operates as an official partner of The Trump Organization led to speculation that the token might initially be associated with the Trump family.
However, the lack of further confirmation from the Trump family or The Trump Organization regarding the project has raised suspicions within the cryptocurrency community. Social media users have suggested that the account may have been hacked and that the GOLD token may have been launched by attackers.
The initial promotional post reportedly reached approximately 400,000 views.
Posts Deleted One by One
The initial post introducing the GOLD token was later removed from the @realtrumpcoins1 account. It was then reported that a new post was made from the account saying “More to come, invest and wait,” but this post was also quickly deleted.
The subsequent removal of all content related to GOLD from the account was interpreted on social media as a sign that the account may have been regained by its owners.
In the latest post allegedly published by the person who supposedly hacked the account, it was claimed that over $8.2 million in profits were generated with the launch of the GOLD token.
The attacker also claimed that the funds obtained would be used for a bounty on the relatives of US President Donald Trump. This post was later deleted.
Allegations of Iranian Hacker Take Center Stage
Following the incident, claims emerged that the attack may have been carried out by individuals with Iranian connections. These claims stem from Israeli media reports that Iranian state television had previously aired a program discussing ways to contact Donald Trump’s son, Barron Trump.
According to news reports, the approximately three-minute broadcast showed locations and online platforms allegedly linked to Barron Trump, and also made various claims about Trump’s son’s social circle and the US Secret Service’s security system.
However, it is stated that the claims in the publication in question are largely based on fabricated images and that no evidence is presented to prove that actual contact was made with Barron Trump.
Therefore, claims linking the GOLD incident to Iranian hackers have not been independently verified at this stage.
On-chain data showed that following the token’s launch, there was noticeable activity in newly created wallets allegedly linked to the project team.
According to shared data, 15 new wallets allegedly linked to the project sold a total of 224.5 million GOLD tokens. The sales yielded approximately 3,178 SOL, which was valued at around $330,000 at the time of the transaction.
Considering the initial cost of the wallets, it was calculated that they generated approximately $312,000 in profit, representing about a 17-fold return on investment.
On-chain data also shows that these addresses still hold a significant amount of GOLD tokens, indicating that the token supply is concentrated in a limited number of wallets.
*This is not investment advice.
Source: cryptonews.net