Cryptonews 20 Nov 2024

$TRUMP Honeypot Scam Wipes Out $13 Million From Investors, Plummets to Zero 💸

Honeypot Scam Trump Crypto Emperor Trump

The Crypto Emperor Trump (TRUMP) token, identified as a honeypot scam, experienced a dramatic surge of 54,737%. This sharp rise was followed by a collapse to nearly zero, which trapped investors as the token's scam structure prevented them from selling their holdings.

The situation resulted in a loss of $13 million from investors, highlighting the significant risks involved in the crypto space. The honeypot scam mechanism ensures that once investments are made, the ability to sell or withdraw becomes impossible, rendering investors' funds unrecoverable.

Such scams exploit the volatility and lack of regulation in the cryptocurrency market, emphasizing the necessity for increased awareness and caution among new and existing investors. This incident adds to the ongoing chronicles of fraud and manipulation within the crypto sector, demanding tighter scrutiny and intervention.

Source: cryptonews.com ↗