The Twitter account of French football star and Real Madrid icon Kylian Mbappé (@KMbappe) was recently compromised, leading to a $1 million scam that rocked the cryptocurrency community.
Hackers used Mbappé’s profile to promote a fraudulent coin dubbed $MBAPPE, causing its market value to skyrocket before plummeting to zero. Although the tweet has since been removed, the damage was already done.
Don’t fall for the $MBAPPE scam.#SafetyFirstAlways pic.twitter.com/kCfdS9GatI
— Crypto.com (@cryptocom) August 29, 2024
The $MBAPPE coin, driven by the hype from Mbappé’s hacked account, saw its market value surge to tens of millions within minutes, only to crash just as quickly.
One unfortunate investor created a new wallet and spent 7,156 $SOL, worth approximately $1.03 million, on $MBAPPE in a single transaction. In less than an hour, the value of these tokens had dropped to just $9.2K, leading to a devastating loss of more than $1 million.
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!😱https://t.co/IKsUN14km1 pic.twitter.com/kTF6SQCKT4
— Lookonchain (@lookonchain) August 29, 2024
Trader Makes 866 Sol With Just 0.2 SOL Investment
On the flip side, another user, who treats trading MEMEcoins like playing the lottery, struck gold. This savvy trader spent just 0.2 $SOL ($29) on $MBAPPE, and in a mere three minutes, sold it for 866.13 $SOL ($125.16K), netting an incredible 4,330x return on investment.
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!
Over the past month, he traded 251 MEMEcoins, investing 0.1 $SOL, 0.2 $SOL,… pic.twitter.com/hreNVUcyEF
— Lookonchain (@lookonchain) August 29, 2024
Over the past month, this trader has been active in the MEMEcoin market, making 251 trades with investments ranging from 0.1 $SOL to 0.3 $SOL per trade. With a win rate of 35.46%, this strategy has earned the trader a total profit of $126.7K.
The Mbappé Twitter hack highlights the volatile nature of the cryptocurrency market, where fortunes can be made or lost in moments. As always, investors should exercise caution, particularly in the high-risk MEMEcoin space, where speculation can lead to both extraordinary gains and significant losses.
French football star Kylian Mbappe's Twitter account was hacked and released the token MBAPPE, which has now been deleted. The market value of MBAPPE tokens surged to tens of millions in a few minutes and then quickly returned to zero. A user bought 2 SOL (about $286) and sold it…
— Wu Blockchain (@WuBlockchain) August 29, 2024
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: kinomasterskaya/123RF // Image Effects by Colorcinch
