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LEE SANG YUN

Summary

It was reported that fake coins appeared after Donald Trump and Melania Trump issued their meme coins.
The meme coin created by a developer who evoked sympathy plummeted in price due to lies.
Due to such fraud cases, discussions on regulatory guidelines are intensifying in Korea.

The Two Faces of Meme Coins - (Part 2) Emerging as a New Fraud Tool

Global Market Cap of 15.3 Trillion Won '442% Surge'

Last Year's Trading Volume Increased 13 Times in a Year

Fake Coins Imitating 'Official Trump' Appear

'Memes' Issued by Celebrities and Influencers

Plummeting in Minutes, Leading to Fraud Investigations

User Protection Measures in Korea

'Regulatory Guidelines' Discussions Intensify

#1. On the 18th, U.S. President Donald Trump issued his meme coin 'Official Trump'. Two days later, First Lady Melania Trump also released 'Official Melania Meme'. In just a few days, 61 fake meme coins imitating the Trumps' coins appeared.

#2. Last year, a developer who claimed to have "no arms" evoked sympathy and introduced the HANDS meme coin. This coin quickly attracted a large investment, reaching a market cap of $550,000 at one point. The developer's claim was revealed to be false, and as he sold his share of the meme coins for profit, the coin's price plummeted. The loss fell entirely on the investors.