Blockchain analytics firm Bubblemaps has uncovered concerning links between the $MELANIA token team and several crypto scams. Their investigation reveals a pattern of suspicious activities involving cross-chain transfers and coordinated pump-and-dump schemes.
Understanding the $MELANIA Token Scheme
The investigation centers on a Solana wallet dubbed ‘0xcEA’. This wallet sniped the $MELANIA token launch on January 19, securing $2.4M in profits. The operators then moved these funds through multiple chains to obscure their tracks.
Connection to Other Scams
The same wallet links to the $LIBRA token scam from February 15. The operation netted approximately $6M using similar tactics. The perpetrators moved funds between Arbitrum and Avalanche to hide their activities.
Market Impact Analysis
The $MELANIA token showed classic pump-and-dump characteristics:
- Reached $13B market cap in 4 hours
- Lost 99% value in following 8 hours
- Similar pattern to $TRUMP token (38% drop in 40 minutes)
Growing Trend of Political Token Scams
This incident joins a concerning pattern of politically-themed crypto scams. Argentina’s President Milei faced backlash for promoting $LIBRA. The Central African Republic’s $CAR token lost 60% after launch despite presidential endorsement.
Protecting Against Token Scams
Investors should watch for these red flags:
- Sudden price spikes without fundamental backing
- Celebrity or political figure endorsements
- Limited wallet distribution at launch
- Complex cross-chain transfer patterns
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The crypto community must remain vigilant against sophisticated scam operations. These incidents highlight the importance of thorough research and skepticism toward celebrity-endorsed tokens.
Tags: #MelaniaToken #CryptoScams #TokenSecurity #BlockchainAnalysis #CryptoFraud
Source: Bitcoinist