Kylian Mbappé token fraud costs trader $1 Million
Hello Boztech blog readers! We’re back with another intriguing update from the world of cryptocurrency. Yes, it’s another scam! So let’s discuss the latest twist in this ongoing world of digital fraud. Stick with us until the end to get the full story.
Recent events have underscored the rising dangers of celebrity-themed cryptocurrencies and identity theft. A month ago, Mcdonalds’s Grimace meme coin fraud came to light, later Deepfake AI live streams of Cristiano Ronaldo and Elon Musk were used to promote fraudulent crypto schemes, and now Kylian Mbappé has also fallen victim to similar cyber fraud.
Now, the latest fraud involves hackers hijacking soccer players’ accounts to promote a new memecoin under Mbappé’s name.
Here’s how it all happened
On Wednesday, August 29, Kylian Mbappé’s X account (formerly Twitter) took a bizarre turn. What started as a routine update on his soccer career quickly became a spectacle of offensive comments about rival athletes and clubs. Things escalated when the account began promoting a new meme coin called $MBAPPE.
Within moments, the coin’s market cap skyrocketed to an astonishing $464 million as eager investors rushed to capitalise on the hype generated by a supposed endorsement from one of the world’s top soccer players. But, it was all an elaborate ruse. Hackers had taken over Mbappé’s account, using his name to inflate the coin’s value before making a swift exit with their gains.
In a jaw-dropping twist, the coin’s value crashed to zero rapidly as it went up, leaving many investors bearing heavy losses. One prominent investor, who had poured one million dollars worth of Solana tokens into MBAPPE, saw their investment evaporate in just an hour, as reported by Lookonchain X.
This stands out as one of the most notable crypto scams in recent times, with Mbappé’s hacked account at the centre of this fraudulent scheme. The rise and fall of the MBAPPE token happened in a mere 60 seconds, serving as a stark reminder of the dangers tied to celebrity-endorsed cryptocurrencies.
However, success often depends on strategy rather than luck. For example, a savvy investor turned $28 into an awesome $121,000, achieving a 432,000% return. In contrast, another trader who missed the opportunity to sell saw their $1 million investment plummet to just $10,000.
A lesson is to stay safe in the world of Cryptocurrency
As a crypto adviser and digital agency, here’s what you need to know about avoiding scams, especially in light of the recent MBAPPE incident:
- Scrutinise celebrity endorsements: Be cautious with cryptocurrencies endorsed by celebrities. These endorsements can be a marketing tactic and don’t guarantee legitimacy. Always do your research before investing.
- Verify sources: Make sure any promotional content or investment opportunity comes from reputable and verified sources.
- Understand the market: Get familiar with the crypto market and common scam tactics. Knowing how fraudsters operate can help you avoid falling victim to them.
- Popularity doesn’t guarantee profitability: Popularity doesn’t always give profitability or success. It’s vital to conduct detailed research before investing. Ensure you analyse charts, investigate trends, and review all relevant information to make informed decisions.
Wrapping up
One significant pattern we’ve observed is that many of these fraudulent celebrity-themed cryptocurrencies are often linked to the Solana blockchain. This recurring association raises concerns about the security and reliability of coins hosted on this platform. It’s a clear indication that we should exercise extra caution when dealing with such assets.
What are your thoughts on this? Do you believe we should be more vigilant about cryptocurrencies on Solana? Share your opinions in the comments below!
We’d love to hear if you’re finding our crypto scam series useful. For the latest trends, news, and updates on cryptocurrency, make sure to follow Boztech blog. We’ve been committed to bringing you timely and comprehensive insights into the changing world of cryptocurrency and market trends. Stay informed and protect yourself from potential threats by keeping up with our expert analyses and updates.
Follow us now to never miss a beat!
