On August 10, on-chain detective ZachXBT revealed on social media that four addresses are suspected of making $3.8 million in profits through a pump-and-dump scheme involving the Restore The Republic (RTR) token. Notably, two of these addresses, beginning with 9G1ELG and GHoW2, appear to belong to the same individual. These addresses received 500 SOL in new funds within minutes after the token generation event (TGE).
Previously, on the evening of August 8, RTR held its TGE, with rumours circulating within the community that the project was connected to the Trump family. The token quickly surged to a high of $0.156 by midnight on August 9. However, shortly after, Eric Trump, the second son of former President Donald Trump and current executive vice president of the Trump Organization, issued a warning on social media, cautioning against fake tokens and stating that the only official Trump project had not yet been announced. Following his statement, RTR's value plummeted by approximately 95%, with trading volume reaching $164 million within the first 15 hours of its existence.
