A Solana crypto token was announced on Visa's official Facebook account on January 27, 2025, while another Solana-based meme coin FAFO Barron rose more than 250% in the short period of a few hours after President Donald Trump posted a photo.
Visa's Facebook has been compromised in a crypto scam
On January 27, hackers compromised Visa's official Facebook page in a cyberattack and used it to promote a suspicious Solana-based token trade under the $VISA token. The price of the token rose before it collapsed, which is a sign of a scam.
Withdrawal refers to a scam in which token developers suddenly sell their holdings, causing the token price to collapse. This shows the growing trend of companies' social media accounts being taken over to promote fraudulent crypto schemes.
Trump raises the price of Favo Barron:
On January 27, President Donald Trump posted a photo of himself with the FAFO meme coin on his social media platform, Truth Social, causing the price of the Solana-based meme to rise by 250% in four hours.
The meme coin was created on Pump.fun, Solana's meme coin launching platform, and is named after Barron, the president's youngest son. The token witnessed a sharp rise in its market value and reached more than $148,000 in those hours, according to a report. CoinMarketCap.
While the president's promotion has people interested in FAFO, the price of the memecoin has begun to decline, and at the time of writing, it is trading at $0.00004161. That's a steep 28% drop in just one hour. This follows the launch of another cryptocurrency named “Barron” on Solana on January 20, the day President Trump took office as the 47th President of the United States. However, Baron's token was soon withdrawn 1 million dollars In the carpet.
Solana: Top pick for rug pulling scams
Solana (Sol), which has been certified as one of the best options for Artificial intelligence agentsbut it also includes Pump.fun, which allows anyone to create a coin, which often results in a rug being pulled out.
Pump.fun has faced criticism for being exploited by bad actors to release fraudulent codes, resulting in losses for investors. This is not an independent experiment. Reports indicate that only 0.4% of Pump.fun's 14 million members earned profits of more than $10,000, leaving the majority incurring losses. On January 15, Burwick Law Announce They are moving forward with a lawsuit against Pump.fun, accusing it of exploiting investors through what founder Max Borwick described as a "sophistication of multi-level marketing scams."
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