Hackers Exploit High-Profile Account to Promote Fake Memecoins: Investors Lose Big On Fake $POWER Token

Hackers recently compromised the high-profile Twitter account @TrumpDailyPosts, using its credibility to promote fraudulent cryptocurrency schemes, including the fake $POWER token.

The incident underscores a growing trend of scammers exploiting well-known accounts to deceive unsuspecting investors in the crypto space.

One victim, with the wallet address 3pFW9…C7ZPQ, suffered devastating losses within just one hour. Initially investing $237,000 at an average entry price of $0.006132, the investor faced an unrelenting crash in $POWER’s value.

By the time the hack was confirmed, the investor attempted to cut losses by urgently selling the tokens at $0.0004212. Unfortunately, the rapid decline outpaced the sale, leaving the victim with a staggering loss of 93%, amounting to $221,000.

https://twitter.com/ai_9684xtpa/status/1881540975493042215?t=H6bicaxBlKeYrRCS1JySOA&s=19

This incident highlights the risks of chasing hype-driven tokens without thorough verification. Scammers capitalize on fear of missing out (FOMO), drawing in investors with promises of massive gains. Once the fraudulent tokens are widely purchased, the scammers quickly sell off their holdings, leaving victims with worthless assets.

The hacking of @TrumpDailyPosts serves as a stark reminder for crypto users to exercise caution, even when information appears to come from credible sources. Always verify token legitimacy and double-check wallet addresses before investing. Additionally, high-profile accounts must strengthen security measures to prevent such breaches.

https://twitter.com/CoinpediaNews/status/1881643814445867324?t=3E01_6P02F_SBpPusJM0sA&s=19

As scams like the $POWER token scheme become increasingly sophisticated, staying informed and vigilant is crucial. By avoiding unverified tokens and securing personal accounts, crypto users can reduce their exposure to similar fraudulent schemes.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!

Image Source: serezniy/123RF// Image Effects by Colorcinch

The post Hackers Exploit High-Profile Account to Promote Fake Memecoins: Investors Lose Big On Fake $POWER Token appeared first on The Merkle News.