Scammers Tricked Trump Fans Into Paying $152K in Fees for Fake $13 Million Rebates

As Trump’s campaign gained momentum last year, many supporters became eager to show their allegiance, buying everything from MAGA hats to coins bearing his likeness. But for some, the allure of these items was even greater. They were told that their purchases were not just souvenirs, but investments that would skyrocket in value once Trump took office, with promises that they could cash out at a later time.

These promises, however, were often nothing more than elaborate scams.

Shortly after the election, a woman from Alabama was scrolling through various Trump supporter groups on Telegram when she came across a mention of a scheme where people could earn money simply by owning Trump memorabilia, according to a search warrant reviewed by Forbes. Intrigued by the opportunity to profit from her collection of coins and other Trump-themed merchandise, she reached out to a Telegram account promoting the scheme. She was told that by submitting photos of her items, she could claim a $13 million rebate. All she needed to do was pay over $152,000 in transaction fees via cryptocurrency. Unfortunately, the money was transferred into the fraudsters’ crypto wallets, and the promised $13 million never arrived.

“Scams like this simply work well because they exploit psychological triggers…”

—Jake Moore, global cybersecurity advisor at ESET

This scam is the latest version of the Trump-themed frauds that started circulating in the early 2020s. Known as the Trump Rebate Banking (TRB) scheme, it promised victims that items like Trump coins and bills, along with other presidential-themed financial products, would not only support his election but also increase significantly in value once he was in office. While most victims lost only a few thousand dollars, the Alabama case stands out due to its size, with the victim losing over $152,000.

The woman from Alabama eventually reported the fraud to the Lincoln Police Department after her rebate never materialized, according to the warrant. Luckily, there is hope for her: in November, the FBI managed to freeze the stolen funds on Binance, and they remain under federal custody, according to the warrant. The Department of Justice did not respond to inquiries for comment.

Scams targeting Trump supporters remain rampant across major online platforms. Forbes identified numerous accounts on Telegram making similar promises about making money from Trump-related memorabilia. Other such scams can be found easily on X, the platform now owned by Elon Musk, a Trump ally who leads the Department of Government Efficiency (DOGE). Many of these accounts offered not only to help people sell their Trump-themed items for profit but also promised to help victims who had already been scammed.

“It’s disgusting that [people] use President Trump’s name to create scams or sell stuff,” one user wrote in a thread with another who claimed to have spent $40,000 on Trump memorabilia with the expectation that it would appreciate and could later be sold at a premium. Later, they became convinced it was a scam, as detailed in their tweets. “It’s possible to help you get your cashout now,” said another X account with a TRB theme, linking to a Telegram user offering the chance to make money from Trump memorabilia.

X did not respond to a request for comment.

“Fraud on our platform is explicitly forbidden by Telegram’s terms of service and is always removed when discovered through proactive moderation or reports,” said Remi Vaughn, a spokesperson for Telegram. “Each day, moderators remove millions of pieces of harmful content from Telegram, including scams.”

Jake Moore, a global cybersecurity advisor at security company ESET, suggested that users need to be cautious when dealing with accounts or groups promoting such offers.

“Scams like this simply work well because they exploit psychological triggers that make people vulnerable to minor manipulation,” Moore added.

“Furthermore, many Trump supporters are deeply invested in his brand and remain behind him politically — and even financially — so the idea that their memorabilia has increased in value aligns with their belief in his power, making them more likely to fall for it.”