As a seasoned crypto investor with over a decade of experience navigating the digital asset landscape, I can’t help but feel a mix of dismay and frustration upon hearing about the latest celebrity-led pump-and-dump scam involving Kylian Mbappé and the fake $MBAPPE token.
Kylian Mbappé, the renowned French footballer, has recently become the latest high-profile figure whose X account was illegally accessed for the purpose of endorsing a fraudulent “pump-and-dump” scheme. The unscrupulous individual exploited Mbappé’s account to publicize and advertise a fictitious token called $MBAPPE, which quickly amassed a market value in the tens of millions.
In less than an hour, a crypto investor found themselves out of over $1 million due to the unfortunate event of being tricked by a pump-and-dump scheme using the fraudulent $MBAPPE token.
As an analyst, I recently uncovered some intriguing insights regarding a unfortunate investor’s experience with the $MBAPPE token on the Solana network. Initially, this individual, unaware of any potential deception, established a fresh wallet and poured approximately $1.03 million worth of Solana (SOL) into a single transaction for the investment in $MBAPPE. Unfortunately, the value of this investment plummeted dramatically, leaving the investor with just around $9,200 – equating to a staggering 99% loss.
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!😱
— Lookonchain (@lookonchain) August 29, 2024
The dubious $MBAPPE token was created using the Solana-based meme coin platform Pump.fun. This platform is known for being easy to use, letting people create and launch their meme coins with little effort.
After the false post about Mbappé’s hacked X account, the value of the $MBAPPE token surged rapidly, resulting in a typical pump-and-dump scenario. In a matter of minutes, the token skyrocketed, but it plummeted just as swiftly, causing significant losses for unsuspecting investors.
Although it’s uncertain how the initial scheme began, there were suspicions about whether those posts were due to a hack or if Mbappé himself endorsed the cryptocurrency token. Later on, those posts were taken down from his account.
Despite numerous individuals suffering financial losses due to the unfortunate event, some managed to capitalize on the scam. Notably, an investor who initially put in roughly $286 worth of SOL (approximately 2 SOL) saw a staggering return when they sold their tokens at peak value. This investment yielded a profit of approximately 1,398 SOL, equivalent to a substantial sum of around $200,000.
According to Lookonchain, a crypto trader managed to make an impressive 4,330 times return by purchasing the $MBAPPE token with only 0.2 SOL and selling it for approximately 866.14 SOL, or $125,160, just three minutes later.
It’s said that this trader boasts an impressive background, as he handled a staggering 251 different meme coins during the past month. With a successful win rate of 35.46%, his overall earnings reached an impressive $126,700.
Ongoing Exploitation of Celebrities’ Identities for Crypto Scams
Previously, scammers have misused Kylian Mbappé’s likeness to peddle deceptive investment opportunities. In 2019 and 2020, these con artists utilized his persona in a digital ad for cryptocurrencies, promising unrealistic returns as a quick profit. This led the freshly signed Real Madrid player to take legal action due to the unauthorized use of his identity.
Kylian Mbappé’s latest event echoes a recent hack on McDonald’s Instagram account. The cybercriminals exploited the platform to advertise a questionable digital currency known as Grimace (GRIMACE30045-USD). This action caused the token’s market value to surge to $20 million, only to plummet by $1 million when the fraudsters withdrew their funds.
The individuals behind the fraudulent activity on McDonald’s Instagram admitted to acquiring $700,000. To add credibility to their scheme, the hacker managed to gain control over the senior marketing director’s Instagram account and even suggested that McDonald’s would recognize Grimace fans.
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2024-08-29 12:28