Blockchain analysts Lookonchain identified a likely rug pull of the GOLD token on the Solana network: 15 newly created wallets, which analysts link to the project team, sold 224.5 million GOLD for 3,178 $SOL, receiving approximately $330,000. According to Lookonchain, these addresses spent only $18,657 to purchase the tokens, resulting in a profit of about $312,000, or a 17-fold return.
Suspicions of a possible rug pull arose due to the concentration of tokens in wallets linked to the launch. Even before the sell-off, Lookonchain established that the developer held 600 million GOLD, while the 15 newly created addresses purchased another 224.5 million tokens for $18,657.
Collectively, these addresses controlled 82.45% of the total GOLD supply.
"Be careful!" Lookonchain warned after uncovering this ownership structure.
Interest in the token was driven by promotion from the X account @realtrumpcoins1, which claimed ties to the Trump Organization and is followed by Donald Trump's official account. This may have created the impression among traders that the token was related to the president's family or business.
The account posted information about the GOLD launch but later deleted posts related to the token. Lookonchain separately reported the deletion of posts following the sell-off.
Meanwhile, Trump Coins denied any connection to GOLD and stated that the token was launched by third parties without permission.
"Stories claiming that Trump Coins launched, promoted, or endorsed a digital token are categorically false and the work of bad actors—third parties. Trump Coins has not and will not launch, promote, or endorse any digital token," the statement said.
The company also stated it is working with relevant authorities to investigate the situation and hold those responsible accountable.
The incident occurred amid heightened scrutiny of cryptocurrency projects associated with the U.S. president. Earlier, Senators Elizabeth Warren and Richard Blumenthal called on the Securities and Exchange Commission to investigate the TRUMP memecoin, claiming that nearly 1 million investors may have lost $3.81 billion, while Donald Trump, by their estimate, gained $636 million.
