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Scammers exploited the hype around Donald Trump's newly launched TRUMP meme coin to steal $857.5 million from the crypto market in a week. They created fake tokens named after world leaders, such as JMilei, MELON, WTRUMP, and PUTIN, and sent them to wallets linked to the TRUMP team to appear legitimate. Traders, believing the TRUMP team was buying these tokens with insider knowledge, purchased them, only for scammers to execute a "rug pull" scam. The scheme capitalized on the frenzy following the TRUMP coin's launch, as detailed in a Global Ledger report.