- Trump’s promotion increases FAFO Barron, followed by a significant decrease.
- Visa’s Facebook page has been hacked, advocating a rug-pull fraud on Solana.
The meme coin FAFO Barron, based on Solana, skyrocketed 250% in hours on January 27, 2025, after a post by Donald Trump. Around the same time, Visa’s official Facebook page had been compromised and was used by the platform to run an ad for a suspicious crypto token before the rug-pull scam took place.
It is scary how this token’s price zoomed upward in a split of a second only to fall immediately. In such rug pull scams, token developers liquidate their holding positions, resulting in a sudden plunge in the price. Regrettably, hijacked corporate social media accounts are promoting fake crypto schemes, leaving innocent investors to pay for the damages.
On January 27, 2025, hackers accessed the Facebook account of Visa and, through the site, began posting a Solana-based crypto token under the ticker $VISA. The token surged rapidly in price before crashing; that is the telltale signature of a rug-pull scam where developers liquidate their entire holdings, causing the price to crater. This is the growing hijacking of corporate social media accounts for these crypto scams.
Meanwhile, another twist came when a picture of Trump with FAFO Barron, a meme coin launched on Solana’s Pump.fun platform was posted on his social media platform, Truth Social. The token jumped by 250% in just four hours and broke the market cap above $148,000. But from the very start, as it reached its highest value, it began to go down. Within an hour, it fell to 28%, which reflected how volatile meme coins in crypto tend to be.
As of late, Solana has also become known for hosting meme coins such as FAFO. It has also become increasingly associated with rug-pull scams. This has led critics to condemn platforms like Pump.fun for helping create scam tokens. Nonetheless, the platform keeps seeing new projects enter the fray, but most investors lose big money.
The continued scrutiny of crypto projects highlights the risks involved in meme coin investments. Incidents like the Visa hack and FAFO Barron’s price fluctuations remind the community of these dangers.
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