WEEKLY UPDATE: Trump's Token Falls Flat

Plus FBI arrests Tweeter who hacked SEC account.

Author

will stauner
October 17, 2024

THE PHENOM CRYPTO LETTER

GM,

Hey there, and welcome to this week’s Phenom Weekly Update! We’re here to catch you up on all the chaos, excitement, and head-scratching moments from the crypto world. From the latest news to whatever Crypto Twitter was obsessing over (or fighting about), we’ve got the highlights.

Here’s what we’ve got this week:

  • Trump’s Token Launch

  • FBI Arrests SEC Tweeter

Jump to :

Trump World Token Sale Crashes Website Amid Overwhelming Demand

World Liberty Financial, the platform behind the Trump World Token sale, experienced a major crash shortly after launching. The site was overwhelmed by a flood of user o participate in the highly anticipated sale of Trump-branded tokens. The massive traffic caused the website to buckle under pressure, going down for hours.

What Happened:

Trump’s WLFI Token, linked to a financial venture associated with former President Donald Trump, generated significant buzz leading up to the sale. Investors, intrigued by the Trump brand and the growing cryptocurrency space, flocked to the Liberty Financial website when the sale went live. However, the surge in demand proved too much for the platform, leading to an immediate crash that left many unable to access the site or complete their purchases.

After the Crash:

Once Liberty Financial’s technical team regained control, the website was restored, and the token sale resumed. The incident highlighted the challenges of handling large-scale token sales, particularly when linked to high-profile figures. Despite the hiccup, demand for Trump World Tokens remained high, with investors continuing to show interest in the sale even after the platform’s downtime.

The Takeaway:

This event underscores the intense demand for crypto tokens, especially when linked to prominent brands or figures like Trump. Memes may be King this cycle. It also serves as a reminder of the importance of robust infrastructure in managing large-scale digital asset offerings, as technical issues can quickly derail even the most hyped sales. If you are going to pump a meme coin, make sure you don’t screw it up.

FBI Arrests Hacker Behind Fake SEC Bitcoin ETF Post

The FBI recently arrested a hacker responsible for posting a fake announcement on X claiming the SEC had approved a Bitcoin ETF. The fraudulent post, designed to mimic an official SEC communication, briefly sent shockwaves through the crypto market last year, causing Bitcoin prices to spike before the news was quickly debunked.

Key Details:

  • The Scam: The hacker used social engineering to create a convincing SEC approval announcement, manipulating investor sentiment.

  • Market Volatility: The post caused a short-term rally in Bitcoin prices, only for it to crash back once the false information was exposed. The manipulation highlights how vulnerable the market is to misinformation.

  • FBI's Response: Authorities recently arrested the hacker (almost a year later) to send a clear message about the consequences of attempting to manipulate financial markets through fraudulent schemes.

Takeaway:

This incident underscores the need for caution when reacting to major market announcements, especially on X. Like Teddy said “trust but verify”.

READING CORNER

A collection of longer form content we are consuming this week 

NEWS

Quick Hitters from the week

THE TWITTERVERSE

A collection of the most interesting stuff on Crypto Twitter this week

MEMES

For the (crypto) Culture

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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.

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