WLFI Co-founder X Account Hacked, Fake Memecoin Promoted 

• A hacker promoted a fake Barron memecoin project from the World Liberty Co-founder’s X account. 
• WLFI confirmed that Witkoff’s account was compromised and urged users not to engage. 
• The fake $BARRON memecoin experienced a $73M increase in market cap before crashing by 99%. 

The X account of the World Liberty co-founder Zach Witkoff was hacked and used to promote fake memecoin related to Donald Trump’s youngest son, Barron Trump. According to social media posts, the hacker claimed that “Trump should confirm the news soon.” However, World Liberty Financial confirmed its co-founder’s account was compromised and urged users not to engage. This fraudulent $BARRON token surged in market value before crashing within minutes.

The coin rapidly reached a market capitalization of $73 million in just a few minutes before plunging by 99%. This indicated a “rug pull” scam, in which scammers artificially inflate a token’s value and dump it to gain profits. Traders ended up losing millions on this fake memecoin that actually has no link to Trump’s son. 

Following the hack, Zach posted on X and thanked James Musk, MoonPay, Ivan Soto Wright, and Keith Grossman for immediately taking the issue into their own hands and retrieving his account. 

Related: JupiterDAO’s X Account Hack Triggers $JUP to Fall 12%

Previous Trump Related Memecoin Scams

The memecoin scam associated with false cryptocurrencies isn’t an isolated case. Previously to the $BARRON, on January 23, 2025, a similar scam happened involving a memecoin project named after Ivanka Trump, Donald Trump’s daughter. 

Ivanka took to X to state that the fake $IVANKA coin was being promoted without her consent or approval. She also warned users that the project defrauded investors of their hard-earned money. Similar to $BARRON, the coin skyrocketed in value and plummeted immediately.

Notably, these types of fake memecoin promotions posed risks to other memecoins like $TRUMP and $MELANIA, as their values dropped when the $BARRON coin went viral. Consequently, the rise of celebrity-themed memecoins has raised concerns about scams and the legitimacy of such coins in the cryptocurrency market. Memecoins have gained popularity for their viral nature, but they also pose serious financial loss risks due to their lack of transparency and sudden sell-offs. 

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