On August 29, 2024, a significant cryptocurrency scam unfolded when the X account of renowned footballer Kylian Mbappé was hacked. The breach led to a fraudulent token being promoted to Mbappé’s millions of followers, causing substantial financial losses and raising concerns over social media security.
Hack and Immediate Impact
The hack occurred on Mbappé’s X account, where attackers posted promotional messages for a cryptocurrency token named ‘$MBAPPE’. According to reports, the scam token’s market capitalisation surged dramatically to $460 million before plummeting to less than $100,000. This rapid rise and fall caused devastating losses for many investors.
All of Kylian Mbappe’s hacked tweets incase you missed it…
One notable victim, whose identity remains undisclosed, invested over $1 million worth of Solana (SOL) into the $MBAPPE token shortly after the fraudulent endorsement appeared. Within an hour, their investment’s value diminished from $1.03 million to just $9,200, as detailed by analytics firm Lookonchain.
Varied Outcomes for Traders
Despite the widespread losses, not all investors were adversely affected. Some traders capitalised on the token’s brief surge. For instance, a trader who invested $28 in the scam coin managed to sell their holdings at its peak, making a substantial profit of approximately $124,000. Conversely, another investor who bought $1 million worth of $MBAPPE before the collapse saw their assets reduced to $14,600.
This guy who trades #MEMEcoins like buying lottery tickets finally hit the 4,330x jackpot!
He spent 0.2 $SOL($29) to buy $MBAPPE and sold it 3 minutes later for 866.13 $SOL($125.16K), a 4,330x return!
Crypto.com, one of the largest cryptocurrency exchanges, promptly issued warnings about the fraudulent token following the hack. The exchange’s alert aimed to prevent further losses by advising traders against investing in the scam coin.
This incident is part of a troubling trend involving high-profile figures and brands. Recent similar cases include hacks of McDonald’s Instagram account to promote a token named Grimace, which briefly soared in value before crashing, leading to significant financial loss.
Experts suggest that the ease of creating and promoting meme coins on platforms like Solana’s Pump.fun contributes to the proliferation of these scams. The incident involving Mbappé highlights ongoing vulnerabilities in social media security and the need for enhanced safeguards to protect both individuals and investors.
Conclusion
The hacking of Kylian Mbappé’s X account and the subsequent crypto scam underscore the risks associated with digital currencies and social media security. While some traders profited from the volatility, the majority faced significant financial losses. This event serves as a stark reminder of the need for vigilance and robust security measures in the ever-evolving landscape of cryptocurrency trading.
