Hackers Breach Visa Account to Promote Scam Coin

On January 27, social networks were abuzz with two events: the hacking of Visa’s official Facebook account, and the promotion of the FAFO Barron memecoin following a post from Donald Trump.

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On January 27, social networks were abuzz with two events: the hacking of Visa’s official Facebook account, and the promotion of the FAFO Barron memecoin following a post from Donald Trump. Both incidents triggered a sharp spike in token prices, which then plummeted, leaving investors with losses.

Visa Account Hacked

Hackers reportedly gained access to Visa’s official page on Facebook and posted ads for the Solana-based VISA token. After the announcement, the token’s price rapidly climbed — only to plummet soon afterward, following a classic “rug pull” pattern.

In such schemes, developers or insiders artificially inflate a token’s price and then sell, leaving investors with worthless tokens. Observers note that hackers increasingly target corporate social media accounts to push fraudulent cryptocurrencies, leveraging the credibility of well-known brands.

FAFO Meme Coin

That same day, President Donald Trump posted a Truth Social image featuring himself and the acronym FAFO. Soon after, an anonymous team launched a memecoin of the same name on pump.fun. The token’s price soared 250% within four hours, with a market cap over $148,000.

Named FAFO Barron in reference to the president’s youngest son, the coin launched on Solana, known for its meme coin trend. Investor enthusiasm quickly waned, however, and the token’s price fell 28% just one hour after the surge.

A previous memecoin, BARRON, was also perceived by many users as the “official token” of Trump’s youngest son after the success of TRUMP and MELANIA, but analyst data revealed it to be a scam.

Solana and Pump.fun Controversies

Pump.fun, used to create memecoins, has drawn criticism over frequent scams. According to analyst Adam, only 0,4% of the platform’s 14 million participants made more than $10,000, while most investors suffered losses.

On January 15, law firm Burwick Law announced a lawsuit against Pump.fun, accusing the platform of orchestrating schemes resembling multi-level marketing. Firm founder Max Burwick labeled it a “new evolution of pyramid schemes.”