Is every memecoin just a scam? Experts on whether Andrew Tate and Trump are fleecing their followers

Some people don’t even seem to care that they’re being scammed, according to Lutz. “It’s remarkable to see the culture in these ecosystems, because someone will rug-pull a project – what you would consider to be a scam in that they’re running you out of the money – but that’s kind of an accepted practice and people are like: ‘Hey, good for them, I got screwed over, on to the next one.’”


“You’ll always have more people losing than amounts of winners,” according to Gerard. “And the winners never shut up, so you think it’s a winning environment.”

One of the main reasons people keep falling for these coins is that they think they’ve figured out the scam and invested early, before the rug pull or the dump. But this is never really the case.

According to Gerard: “Crypto has been an ever-escalating series of get-rich-quick schemes, where a whole bunch of people think that they’re smarter operators than the previous operator, and generally they’re not.”

Memecoin traders will often be invited to Discord and Telegram chats that are sold as “insider channels” where, according to Gerard, “they think they’ll hear about these scams before the rug is pulled – but actually they’re the suckers. Crypto is full of people who think they’re the scammer, not the sucker.”

The short answer is, Yes more than ever.

US regulator dismisses suit against Binance in latest crypto-friendly move by Trump
SEC sued Binance in 2023 over alleged trading irregularities and misleading investors about surveillance controls