Inauguration of Donald Trump as 47th President of the United States has triggered a wave of $TRUMP Airdrop scams. It parasites on the hype around the launch of his $TRUMP cryptocurrency, and aims at stealing user crypto wallets. Let’s have a look at how this scam works and how to avoid becoming a victim of one.
$TRUMP Airdrop Scam Overview
After Donald Trump launched his crypto coin, $TRUMP, the community took it quite positively. While this memecoin’s price performance aligns with a classic pump-and-dump scheme, scammers have found another way to use this to their advantage. The $TRUMP airdrop scam is based on the hype surrounding a token that symbolizes support for Donald Trump.
To begin with, let me clarify, this token has an official website, gettrumpmemes.com, where interested buyers can purchase this crypto. The genuine platform clearly states these collectibles are not investments or securities and have no affiliation with political campaigns, offices, or government agencies.
Yet this popularity has forced a ton of fake sites to appear, claiming to offer free $TRUMP coins via airdrop. This mechanic is typical for new coins, and allows anyone who files in time to get a certain amount of a token for free.
Scammers have started copying this site by making minor changes to its address, or creating template sites with slight name variations. These similar sites lure people with promises of free cryptocurrency. As the $TRUMP remains at around $25 at the moment when I write this, getting even a handful of this cryptocoins feels quite like free money. All the victim has to do is plug in their wallet and the coins will be deposited into their wallet.
However, as one movie says – “There ain’t no tooth fairy, …!” So, once connected, the scammers run a malicious script to drain your wallet faster than you can say “blockchain”. So far, more than 100 fake sites have been identified, some of which are used to spread malware. Often such sites contain detailed step-by-step instructions so that even the least skilled person can link his wallet.
How It Works?
The scam operates by exploiting user behavior and the technical features of cryptocurrency wallets combined with so-called crypto drainer scripts. When a user connects their wallet to the fake website, they are prompted to approve a transaction or grant permissions. These permissions often include the ability to “spend” tokens or assets in the wallet. Of course, the victim has no idea what’s going on. Scammers use malicious smart contracts that request overly broad permissions, such as unlimited access to all contents of the wallet.
The user, unaware of the scam, approves the transaction because it’s disguised as a necessary step to claim the airdrop. This approval is recorded on the blockchain, granting the scammer’s smart contract the authority to transfer funds or tokens from the victim’s wallet without further consent.
Once permissions are granted, the scammers’ smart contract executes a series of transactions. These transactions transfer funds or tokens from the victim’s wallet to the scammers’ wallets. This process is automated and can occur in seconds, leaving the victim little time to react.
After the funds are drained, scammers transfer them through multiple wallets or special services called mixers. Such tools break the trail of transactions, making it difficult to trace the stolen assets back to the scammer. The funds may also be converted into privacy-focused cryptocurrencies like Monero to further obscure their origin. Once the scam is detected and victims’ reports force browsers and security programs to block the site, the fraudsters abandon this site and move on to a new domain and a fresh set of victims. This cycle ensures a steady stream of stolen funds.
How to Spot and Avoid Aidrop Scams?
To spot and avoid the scam, start by recognizing the red flags. Promises of “free money” combined with urgency tactics are classic tricks used to lure victims. If an offer seems too good to be true, it almost certainly is. Always verify the legitimacy of websites by double-checking their URLs—watch for typos or subtle alterations in the domain name that might indicate a fake site. Most importantly, avoid connecting your crypto wallets to sketchy websites, no matter how enticing the offer might appear.
The $TRUMP airdrop scam is a masterclass in exploiting FOMO (fear of missing out). Scammers bank on the hype surrounding new tokens to lower investors’ defenses. Remember, in the crypto world, skepticism isn’t just healthy—it’s essential. So next time someone offers you free tokens, ask yourself: is this airdrop or a wallet drop?
If You’ve Been Scammed
But what should you do if you fall victim to the $TRUMP Airdrop Scam? Unfortunately, the chances of recovering your funds are negligible. However, you can still take steps to minimize the damage. Start by immediately disconnecting your wallet from the scam site to revoke its access. Then, transfer any remaining assets (if there are any left) to a new, secure wallet to prevent further unauthorized transactions.
Update all your wallet passwords and related account credentials to enhance security. Keep monitoring your wallet activity closely for any unusual transactions that might indicate ongoing threats. Reach out to your wallet provider’s support team or consult blockchain, and report the incident to authorities such as the FTC or FBI, providing all relevant details about the scam, including website links and transaction records, to aid in their investigation.
