Solana’s meme coins FAFO soars amid Visa’s crypto scam
A crypto token on Solana was marketed on Visa’s official Fb account on Jan 27, 2025, whereas one other Solana-based meme coin FAFO Barron shot up over 250% in a brief span of some hours after President Donald Trump posted an image.
Visa’s Fb compromised in crypto rip-off
On Jan. 27, hackers compromised Visa’s official Fb web page in a cyberattack and used it to advertise a suspicious Solana-based token buying and selling below the ticker $VISA. The value of the token surged earlier than collapsing, a signature of a rug-pull rip-off.
A rug-pull refers to a rip-off wherein builders of a token all of the sudden promote their holdings, inflicting the token’s worth to break down. It reveals ancincreasing development of company social media accounts being commandeered to advertise rip-off crypto schemes.
Trump pushes FAFO BARRON’s worth up:
On Jan. 27, President Donald Trump posted an image of himself with a FAFO meme coin on his social media platform, Fact Social, which bumped up the Solana-based meme coin’s worth by 250% in 4 hours.
The meme coin was created on the Pump.enjoyable, Solana’s meme coin launching platform, and was named after Barron, the President’s youngest son. The token noticed a pointy rise in its market capitalization and reached over $148K in these hours, as per CoinMarketCap.
Whereas the President’s promotion has folks fascinated about FAFO, the meme coin’s worth began plummeting, and on the time of writing, it’s buying and selling at $0.00004161. It is a sharp decline of 28% in only one hour. This comes after one other crypto named ‘Barron’ was launched on Solana on Jan. 20, the day President Trump took workplace because the forty seventh President of the US. Nonetheless, the Barron token quickly pulled $1 million within the rug.
Solana: a best choice for rug pull scams
Solana (SOL), which has been accredited as one of many high selections for AI agents, but additionally homes Pump.enjoyable, which permits anybody to create a meme coin, usually resulting in a rug pull.
Pump.enjoyable has confronted criticism for being exploited by unhealthy actors to launch rip-off tokens, resulting in investor losses. This isn’t an impartial expertise. Studies point out that solely 0.4% of Pump.enjoyable’s 14 million members earned over $10K in revenue, leaving the bulk with losses. On Jan. 15, Burwick Regulation announced that they’re shifting forward with litigation in opposition to Pump.enjoyable, accusing it of exploiting traders by way of what founder Max Burwick describes as an “evolution of multi-level advertising scams”.
