A trader has fallen for fake news posted on a popular crypto news sharing handle db (@tier10k) and bought $504k worth of TRUMP meme coin just to take a loss of $26k by selling it later in 2 minutes. The news posted by db was found out to be fake as the handle claimed they were hacked and deleted the post soon after.
The now-deleted post claimed that TRUMP memecoin would have a real world utility. While the news was shared without any solid proof, people believed in the announcement as it came from one of the most trusted publisher.
Following the news, TRUMP price pumped 20% in minutes while shrunk back after confirmation that the db account was hacked.
The trader who took the $26k of loss, was rushing to buy TRUMP and they withdrew 504,820 of USDC from Bianance. Lookonchain stated that once the news was confirmed to be fake, he sold all TRUMP holdings and lost 26,820 USDC in the trade.
Incidents like this remind us not to trust any “too-good-to-believe” news as most of the time the announcer turns out to be hacked. In crypto space, hackers often allure investors by attacking any popular X accounts to spread fake news.