On August 29, 2024, the Twitter account of French soccer star Kylian Mbappé was compromised by hackers who used it to promote a fraudulent cryptocurrency token called MBAPPE. Leveraging Mbappé’s substantial social media following, the attackers created a surge of hype around the fake token. Within minutes of the promotion, the MBAPPE token skyrocketed to a multi-million-dollar market capitalization, only to plummet back to zero shortly thereafter. This dramatic rise and fall left many investors facing significant financial losses.
The scam had immediate and severe consequences. Data from the on-chain analytics platform Lookonchain revealed that while a few lucky individuals made substantial profits by buying the token early and selling at its peak, most investors experienced devastating losses. One investor alone reportedly lost over $1 million in a single transaction as the token’s value evaporated. The hackers managed to siphon $100,000 in the first hour and stole over $500,000 in total before the account was restored and the fraudulent activity halted.
This incident highlights a troubling trend in the cryptocurrency space, where cybercriminals increasingly target high-profile social media accounts to promote and manipulate digital assets. By hijacking the accounts of celebrities and other influential figures, these scammers exploit the trust and credibility associated with these personalities to create artificial demand and inflate token values. Such schemes have become more common, reflecting the growing sophistication and audacity of crypto fraudsters.
As the market for meme coins and get-rich-quick schemes continues to attract investors, it is crucial for individuals to exercise caution and skepticism. The rapid rise and fall of tokens like MBAPPE demonstrate the inherent risks of investing in unverified and potentially fraudulent digital assets. Investors are advised to remain vigilant, scrutinize investment opportunities carefully, and be wary of offers that seem too good to be true to avoid falling victim to similar scams in the future.
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