A Multibillion-Dollar Heist How Influencers, Politicians, and Cryptocurrency Enablers are Ripping Off Unsuspecting Investors

The world of memecoins is a dark and treacherous place, where hype and deception reign supreme. These digital tokens, often created as a joke or a prank, have become a lucrative way for influencers, politicians, and cryptocurrency enablers to fleece unsuspecting investors of their money. The scam is estimated to be worth tens of billions of dollars, with some experts warning that it could be the biggest heist in history.

At the center of the memecoin scam is a complex web of manipulation and exploitation. Influencers like Andrew Tate and Donald Trump use their massive followings to promote memecoins, often without disclosing their own financial interests in the tokens. Meanwhile, cryptocurrency enablers like Hayden Davis and Chase Herro help create and market the memecoins, reaping huge profits in the process.

But the memecoin scam is not just a problem for individuals; it also poses a significant risk to the wider economy. In the United States, for example, the Securities and Exchange Commission (SEC) has been criticized for its lenient approach to regulating memecoins. In recent months, the SEC has dismissed or withdrawn all of its crypto-related lawsuits against major crypto companies, and has even hosted roundtables with industry leaders to discuss how it can be more helpful to the industry.

One of the main beneficiaries of this lax regulation is President Donald Trump, who launched his own memecoin, $Trump, just days before his second inauguration. The coin has already generated over $2.5 billion in market capitalization, and has been touted as a way for investors to gain access to the president himself. But according to experts, the coin is little more than a scam, designed to fleece unsuspecting investors of their money.

“The coins’ creators and original sponsors get free $Trump coins and they can dump those on the market at will every time a tranche is released,” said David Gerard, author of Attack of the 50 Foot Blockchain. “And they do. And are people ever going to make money on those $Trump coins they bought? Probably not. The money goes to the Trump family, and that’s the direction it was created to make it go in. So yeah, it’s a memecoin dump. He’s just dumping the coins on the suckers and it’s a textbook case.”

As the memecoin market continues to grow, it’s clear that something needs to be done to stop the exploitation of unsuspecting investors. According to Gerard, the advice is simple: stay away. “It’s absolutely the government’s job to stop mis-selling of investments – that’s why ordinary retail mums and dads cannot buy into binary options,” he said. “It’s absolutely open slather for crypto in the US now. This is really bad. A lot of people are going to get skinned. It’s going to be terrible.”

The memecoin scam is a classic case of hype and deception, where influencers, politicians, and cryptocurrency enablers are ripping off unsuspecting investors for their own gain. It’s a cautionary tale about the dangers of the Wild West of cryptocurrency, and the importance of being cautious when investing in anything that seems too good to be true.

The Numbers:

Estimated value of the memecoin scam: tens of billions of dollars

Number of people who have lost money on memecoins: hundreds of thousands

Number of memecoins that have been created: over 10,000

Number of people who have made money on memecoins: a select few, including influencers and cryptocurrency enablers

The Players:

Andrew Tate: far-right influencer who has created and promoted several memecoins

Donald Trump: President of the United States who launched his own memecoin, $Trump

Hayden Davis: cryptocurrency enabler who helped create and market several memecoins

Chase Herro: cryptocurrency enabler who helped create and market several memecoins

David Gerard: author of Attack of the 50 Foot Blockchain and expert on cryptocurrency regulation