- Hackers exploit Mbappé’s Twitter account to promote scam MBAPPE crypto token causing market chaos.
- MBAPPE token sees brief surge before crashing leaving investors with significant gains or devastating losses.
- Increasing trend of celebrity social media hacks used to launch fraudulent tokens and scams in the cryptocurrency market.
In the latest cyber attack that occurred on 29 August, the hackers seized the Twitter handle of French footballer Kylian Mbappé and used it to advertise a scam crypto token called MBAPPE. This case shows that more and more Celebrities are having their social media accounts hacked to carry out fraud in the cryptocurrency industry.
The fraudulent promotion worked as a charm and as a result, the market value of the MBAPPE token surged for a while. Just a few minutes after the tweets, the token’s market capitalization reached $10 millions. But this growth came with a very big blow as it experienced a very sharp decline which saw many investors incurring heavy losses.
However, one of the lucky few was a user who invested 2 SOL, equivalent to $286, and sold his or her shares when the token was at its highest value, and made approximately 1,398 SOL, or $200,000. Another trader who is quite involved in the meme coin trading was able to secure a 4,330x return. He invested in 2 SOL and after few minutes he sold them at a good price of 866.13 SOL.
Although there are such positive examples, the majority of investors could not boast of such results. One of the biggest losses was shared by a person who opened a new wallet and put in 7,156 SOL, which was equal to $1.03 million, into the MBAPPE token. This investment lost all its worth and at one point, was worth $9,200, which was a huge loss.
Scam Token Origins
The MBAPPE token was launched through Pump.fun, a Solana-based meme coin creation platform which is easy to use to create new coins. This is not the first time a high-profile social media account has been hacked to promote fake tokens and other scams in the cryptocurrency world.
This is the reason why such scams are on the rise and it is crucial for both the public figures and their followers to be careful and not get swindled by such scams. Enhanced security and consciousness are vital in preventing such attacks and maintaining the reliability of social media platforms.
