The reaction to his post was not exactly warm, with lawyer Ari Cohn tweeting: "đ¶Look at this grift, isn't it neat? Wouldn't you say God's debasement's complete? đ¶"
After a very brief spike in token price, the memecoin collapsed.
Trump inauguration pastor launches memecoin that tanks by over 90%
Reverand Lorenzo Sewell, a pastor and vocal Trump supporter who delivered the benediction at Donald Trump's inauguration, followed in his hero's footsteps by trying to shill a memecoin to his followers. In a video posted to Twitter hours after his speech, in which he seemed to still be wearing the same outfit, Sewell urged: "I need you to do me a favor right now. I need you to go buy the official Lorenzo Sewell coin."
Students for Trump co-founder Ryan Fournier admits to rugpulling memecoin while trying to deny rugpulling memecoin
Ryan Fournier, a co-founder of the Students for Trump organization, worked with a memecoin creator to create a $TIKTOK memecoin, which he said was intended to celebrate TikTok lifting its brief restriction on US users amid an impending ban. The token quickly increased in price amid early attention. However, when the price began to drop, Fournier dumped 505 million TIKTOK for around $700,000 in SOL.
Fournier posted on Twitter, claiming he was scammed by his collaborator. When accused of rugging the token, Fournier replied "I'm very new to crypto and I promise you I didnât rug it." "Buddy, we see your wallet. Itâs all on-chain," replied another person. Fournier, apparently not knowing he was describing a rug pull, wrote: "I literally sold because it was going down increasingly. I donât know who wouldnât do that."
Melania Trump launches a memecoin of her own, tanking her husband's in the process
Before people had a chance to process the fact that the incoming president of the United States had just launched his own transparent crypto cash-grab, the soon-to-be First Lady did the same. Whoever is calling the Trump family's crypto shots seemed to think they could just follow the same playbook a second time and enjoy the same results, but the launch of the new token brought a sudden crash in the $TRUMP token value.
This is not Melania Trump's first foray into the crypto world. In December 2021, she launched her own line of NFTs â only to apparently wash trade them after a tepid response.
Meanwhile, some in the crypto world are reacting with horror at Trump's decisionmaking. While they hoped that Trump's administration would be crypto-friendly, they did not seem to anticipate that the Trump family would openly embrace some of the ecosystem's worst parts to enrich themselves at everyone else's expense.
Trump launches a shitcoin
In what is likely a preview of the levels of grift about to come â levels previously not thought possible â Trump has launched a Solana memecoin two days before his inauguration. The move was so unexpected that many believed the president-elect's Twitter account had been compromised to promote a fake scam token, but half a day later, it appears this scam token is of the genuinely Trump-backed variety.
"Hawk tuah" memecoin immediately crashes
Who could have guessed that buying up a token based around the long-past-its-expiration-date hawk tuah meme might turn out to be an unwise investment? Haliey Welch, the originator of the raunchy catchphrase, launched a memecoin that she insisted was not a cash grab but a "good way to interact with her fans". (The "interaction" in question here was limited to " fans give money", because she had no other specific plans for the token).
The token followed the typical pattern of quickly pumping, then crashing spectacularly, losing around 90% of its "value". This is often an indicator of a pump-and-dump scheme by insiders, but Welch vehemently denied such wrongdoing, blaming the crash on "snipers".
"I really lost $43k apeing in 'hawk tuah' coin," wrote one buyer on Twitter. Other Twitter users marveled at a wallet that swapped $1.4 million worth of MOODENG (a memecoin based on the tiny hippo of the same name) only to lose it all on the $HAWK token.
Eve Online developer angers fans with announcement that their new game will be blockchain-based
CCP, the developer of the Eve Online space MMORPG, has angered their fanbase with a new announcement that their upcoming game will be built on the blockchain and incorporate cryptocurrency for in-game transactions. According to an FAQ, the spin-off game (previously called "Project Awakening" and now titled "Eve Frontier") will use a layer-2 blockchain called Redstone.
"There is still time. You can still roll it back and pretend it never happened. Please. None of us want this crypto slop, this desperate cash grab, this attempt at 'creating something great,' this game where buzzwords seem more important than gameplay," wrote one player on the game's subreddit.
A tweet announcing the game was celebrated by some crypto advocates, but attracted some critical responses from players. One wrote, "releasing a blockchain game a year after the weird hype about that technology died so now you got a shitty concept and don't even get a pay-off for it. let's see how this is going to turn out :)"
Trip.com accused of "rug pull" as it shuts down its Trekki NFTs
Travel company Trip.com has some perturbed crypto holders on its hands, after shutting down the "Trekki" NFT project it launched in June 2023. The company's dolphin-themed NFTs had come with a roadmap that promised eventual staking features, "travel to grow" and "travel to earn" mechanisms, and other developments, which have been cancelled. However, Trip.com promised that its discount coupon functionality would remain.
"Can't believe @Trip a multibillion company is also a rugged project," wrote one person in response to the shutdown announcement.
Blockchain developer loses over $48,000 after posting private key to Github
A blockchain developer posted on Twitter that he had lost almost $50,000 after his cryptocurrency wallet was drained. He explained that he had been working on a software project on Github in a private repository that contained his wallet's private key. In order to apply for a funding grant from the Optimism project, he had to make the repository public. However, he forgot that the secret key was in the repository.
Generally, it is very bad practice to store sensitive secrets in Github, even when projects are set to private.
"Got drained of everything," he wrote on Twitter. A commenter asked how long it took for the attacker to steal the money after the private key became publicly visible. "2 min", he replied.
tea.xyz causes open source software spam problems, again
The tea.xyz protocol first earned an entry on Web3 is Going Just Great in late February, when their plan to reward open source software contributors resulted in crypto enthusiasts with no intention of participating in OSS opening endless pull requests to claim ownership of prominent OSS projects. This spam was disruptive to said projects, whose (usually volunteer) maintainers had to figure out what was going on and then try to stop the spammy PRs.
Max Howell, the creator of tea.xyz (and creator of homebrew, though he's no longer involved), seemed apologetic, and promised to make changes to the protocol to stop this spammy behavior.
Now, deprived of that avenue, people are just creating massive waves of empty software packages, with nothing other than a "teafile" with their crypto wallet address for rewards, and submitting them to package managers like NPM and RubyGems.
This spam prompted a blog post from RubyGems, who wrote that they had to devote time to strengthening limits on package publishing and "ensuring [accounts] didn't disrupt the community further."
Security researchers at Phylum also wrote up the protocol's impact on the JavaScript world, which has seen as many as 7x as many packages published on NPM as previous daily averages. "Automated sustained spamming of this volume for months on end is rare and does nothing but cause heavy strain on the ecosystem itself, degrading the performance of the ecosystem for genuine users and straining open source security researchers," they wrote.
Kickstarter's bizarre "pivot to blockchain" spurred by secret $100 million Andreessen Horowitz investment
Web3: a technology so promising you can't even pay a company $100 million to use it.
Crowdfunding website Kickstarter surprised and dismayed many of its users in December 2021 when they announced they would be moving the product to the blockchain in December 2021 for... reasons. That blockchain would just so happen to be the relatively unknown Andreessen Horowitz-backed Celo blockchain. "How this will actually work, beyond Kickstarter being able to yell 'blockchain' like a spell to summon investors ... is unclear," wrote Tom McKay at Gizmodo.
He probably didn't realize how right he was, but now it's been revealed that KickStarter was able to land a $100 million investment from Andreessen Horowitz with handwavy proclamations about the blockchain that its own COO didn't seem to quite understand.
The company seems to have since given up on its blockchain ambitions â in no small part thanks to user revolt. It seems that $100 million windfall didn't include any terms actually requiring Kickstarter to follow through.