Key Points
- Kylian Mbappé’s hacked X account promoted a fraudulent cryptocurrency token, causing millions in losses for traders.
- The scam token’s market cap surged to $460 million before plummeting to less than $100,000, with one trader losing over $1 million in a single hour.
Hacked Account Promotes Fake MBAPPE Token
On August 29, the X account of soccer superstar Kylian Mbappé was hacked, leading to a cryptocurrency scam that resulted in significant financial losses for many traders. The hacker used Mbappé’s account to promote a fraudulent cryptocurrency token named Kylian Mbappé (MBAPPE), promising to “double” any tokens sent to a specific address.
The scam post, which has since been deleted, caused a surge in the market capitalization of the fake MBAPPE token. Within a short period, the token’s value skyrocketed to $460 million before dramatically plummeting to less than $100,000.
Massive Losses
One unfortunate trader fell victim to the scam, losing over $1 million in just one hour. According to on-chain intelligence firm Lookonchain, this trader created a new wallet and spent 7,156 Solana (SOL) tokens, worth approximately $1.03 million, to purchase the fake MBAPPE token. The value of their investment quickly dropped to a mere $9,200.
Broader Context of Celebrity-Related Crypto Scams
This incident is not isolated in the world of celebrity-related cryptocurrency scams. Earlier in August, a President Trump-themed memecoin called TrumpCoin (DJT) experienced a 95% decline amid a broader cryptocurrency market downturn. These events highlight the risks of investing in unverified or celebrity-endorsed cryptocurrencies, especially those promoted through seemingly legitimate social media accounts.
The Mbappé crypto scam is a stark reminder of the importance of due diligence and skepticism when dealing with cryptocurrency investments, particularly those associated with high-profile individuals or sudden market movements.
