Good day everyone,
I hope you are all having a good day, welcome to CryptoGod-1's blog on all things crypto. In this post I will be looking at a scam meme coin which saw an investor lose over $1 million in less than an hour after a hacker gained access to Kylian Mbappé's 'X' account,
$Mbappé Scam Token
A hacker managed to seize control of soccer superstar Kylian Mbappe's X account and promoted a '$MBAPPE' token. This led to a pump and dump scam, and a crypto investor managed to lose over $1 million in just an hour. The scam took place on Thursday the 29th of August 2024, and the promoted token was a dubious scam coin known as $MBAPPE.
Analytics firm Lookonchain noted that a single investor had created a new wallet before purchasing the token in a single transaction, and within an hour when the token's value had plummeted the investor had lost over $1 million. The firm wrote:
“Someone created a new wallet and spent 7,156 $SOL($1.03M) to buy a #MEMEcoin named $MBAPPE in a single transaction, which is now only worth $9.2K. This person lost more than $1M in just 1 hour!”
The hacker managed to post multiple promotions for the cryptocurrency ‘$MBAPPE,’ which is a Solana based memecoin. The token was deployed by Pump.fun and this platform has gained popularity for its simplicity. The platform allows for a cost-effective way of creating and launching a meme coin for users.
The $MBAPPE token quickly took off before it crashed within minutes. The post promoting the token remained on Mbappé's account even after the token had crashed, but they were soon deleted. The value of the token rose to a high of $460 million before it plummeted to less than $100,000.
This marks the latest event in the devestating chain of cam celebrity-related cryptocurrencies. Back in August a President Trump-themed memecoin, TrumpCoin (DJT) managed to fall by 95% during a wider market downturn. Many of the world's most notable crypto firms have warned against the scam token, including Crypto.com, who posted the below image on 'X.'
Not all investors did bad out of the scam, with Chinese journalist Colin Wu reporting that one user managed to invest 2 SOL, about $286, into the token and then sold it at its peak, securing a profit of around 1,398 SOL, or about $200,000.
Have a great day.
Peace. CryptoGod-1.
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