X Account Followed by Trump Promoted Scam Coin GOLD Before 95% Crash

An X account followed by US President Donald Trump promoted the GOLD coin before it crashed on Aug. 29.

Cryptopolitan reported on Aug. 29 that the X account "realtrumpcoins1" posted messages touting GOLD before the plunge. The account describes itself as an "official partner of The Trump Organization," and Trump's official account follows it.

After the post appeared, GOLD's market capitalization briefly climbed to $66 million. But after the post was deleted later that morning, the token's market value plunged 95% in 30 seconds, dropping from $55 million to about $1 million.

On-chain analyst EmberCN said a specific group appears to have been behind the incident. According to the analyst, the entity that issued GOLD accumulated about 82.5% of the total supply through pre-allocation and purchases after the token's launch. It later sold its entire holdings, reaping about $1.01 million.

Some have also suggested that the "realtrumpcoins1" account was hacked. GoPlus Security said a scam group hacked the account before issuing and promoting GOLD.