The meme coin GOLD, launched on the Solana ecosystem under the slogan 'Trump's Digital Gold,' lost nearly all its value after a sharp rise in a short period. Although the token's launch from an official social media account linked to Donald Trump initially generated significant interest, claims have emerged that the account may have been hacked.
The market capitalization of Trump Digital Gold (GOLD) reached over $60 million roughly two hours after its launch in the morning. However, the price subsequently plummeted rapidly. Initially dropping 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 cap crashed by more than 95% in just one minute, falling to approximately $1.8 million. After the promotional post about the project was deleted, its market value reportedly fell even further, to around $600,000.
The GOLD token was initially introduced by the account @realtrumpcoins1, which sells official collectible coins and medals dedicated to Trump. The fact that this account is an official partner of The Trump Organization led to speculation that the token might initially be linked to the Trump family.
However, the lack of further confirmation from the Trump family or the Trump Organization regarding the project raised suspicions within the cryptocurrency community. Social media users suggested that the account might have been hacked and that the GOLD token could have been launched by malicious actors.
Reportedly, the initial promotional post garnered about 400,000 views.
Posts Were Deleted One After Another.
The initial post introducing the GOLD token was later deleted from the @realtrumpcoins1 account. It was then reported that a new post was published from the same account with the words 'Much more to come, invest and wait,' but this post was also quickly deleted.
The subsequent deletion of all GOLD-related content from the account was interpreted on social media as a sign that the account may have been recovered by its owners.
A final message, purportedly posted by the person who allegedly hacked the account, claimed that the launch of the GOLD token brought in profits of over $8.2 million.
The malicious actor also claimed that the obtained funds would be used for a reward intended for relatives of U.S. President Donald Trump. This post was later deleted.
Accusations Against Iranian Hacker Made Headlines.
Following the incident, claims emerged that the attack might have been carried out by individuals linked to Iran. These claims are based on reports from Israeli media stating that Iranian state television previously aired a program discussing ways to contact Donald Trump's son, Barron Trump.
According to media reports, the approximately three-minute broadcast showed locations and online platforms allegedly linked to Barron Trump and contained various claims about the Trump son's social circle and the U.S. Secret Service security system.
However, it is claimed that the assertions in the broadcast in question are largely based on fabricated images and that no evidence was presented that Barron Trump was actually contacted.
Thus, claims linking the GOLD incident to Iranian hackers have not been independently confirmed at this stage.
Blockchain data showed notable activity in newly created wallets, allegedly linked to the project team, following the token's launch.
According to published data, 15 new wallets, believed to be connected to the project, sold a total of 224.5 million GOLD tokens. These sales yielded approximately 3,178 SOL, which was valued at around $330,000 USD at the time of the transactions.
Factoring in the initial wallet costs, it was estimated that they generated roughly $312,000 in profit, representing approximately a 17-fold return on investment.
Blockchain data also shows that these addresses still hold a significant amount of GOLD tokens, indicating a concentration of token supply in a limited number of wallets.
*This is not investment advice.
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