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SOL The "Trump Digital Gold" token on the Solana chain plunged 99% after it was launched, triggering fraud doubts.
A Solana blockchain token promoted by the "Real Trump Coin" brand suffered a dramatic collapse just a few hours after it was launched, triggering widespread market doubts about the legitimacy of the project and trading activities. The brand was publicly endorsed by US President Donald Trump in 2024.
Market activities and rapid sell-off
The Trump Digital Gold token was released through the "Real Trump Coin" account X, which is followed by Donald Trump's official social media account. Shortly after the launch was announced, the account directed users to purchase GOLD tokens through the RealTrumpCoins.com.
Blockchain analytics company Lookonchain closely monitored the launch and reported that the token's developers controlled 600 million GOLD's, while 15 newly created addresses purchased another 224.5 million tokens for US$18,657. According to Lookonchain analysis, these wallets are associated with the project team and collectively hold 82.45% of the total supply.
Lookonchain points out: "The team currently controls 82.45% of the total supply." Later, he commented: "GOLD has just finished pulling the carpet." It also reported that the project party's wallet exchanged all 224.5 million GOLD pieces into 3,178 SOL pieces, worth approximately US$330,000.
According to data from DEX Screener, within minutes of the sell-off, GOLD's value plummeted, with its market value plummeting from $50 million to just $500,000. Lookonchain estimates that the wallet made a profit of $312,000, about 17 times its initial investment.
Key data: The proportion of tokens controlled by the team was 82.45%(600 million GOLD); the new wallet purchased 224.5 million GOLD (worth US$18,657); the SOL obtained from selling was 3,178 (approximately US$330,000); the profit was US$312,000; the market value shrank from US$50 million to US$500,000.
Note: Lookonchain is a blockchain analytics service provider that tracks large-scale wallet transactions, token issuance and suspicious activity on each chain, providing real-time alerts and reports of events on the chain.
Account theft and fraud allegations
After the rapid collapse, observers have expressed concerns about the legitimacy of "Trump Digital Gold" and possible security loopholes. The X account and website of "Real Trumpcoin"(both previously promoted by Donald Trump) suddenly deleted all posts related to the launch of GOLD.
Some cryptocurrency analysts and media outlets described the incident as an obvious "carpet pulling" scam and suspected that the project's social media accounts and website may have been compromised. Unconfirmed news circulating in the community even linked the security breach to Iranian hackers.
The "Real Trumpcoin" brand gained national attention after Trump publicly supported its silver medal sales campaign in September 2024. The brand has said its products have nothing to do with the Trump Organization. The sudden promotion of GOLD and the rapid deletion of related posts further heightened concerns about possible fraud targeting users attracted by Trump's recent endorsement of digital assets.
Political connections and regulatory review
The GOLD token controversy has intensified scrutiny of crypto projects linked to Donald Trump. As president, Trump has urged Congress to pass the Clarity Act, which aims to establish clear rules for the classification and regulation of cryptocurrencies in the United States.
Trump's continued public support for digital asset companies, including "Official Trump" miniin and "World Free Finance", has attracted criticism from some lawmakers and advocacy groups who believe these companies have conflicts of interest with the government. Despite constant doubts, the White House has repeatedly denied any wrongdoing or irregularities in the president's support for the encryption project.
The U.S. watchdog group Public Citizen recently claimed that Trump-related crypto projects have caused investors to lose $4.7 billion through various suspected fraudulent schemes. As regulatory proposals advance in Congress, the topic of government involvement in crypto initiatives continues to spark heated debate.
