As a seasoned crypto investor with a knack for spotting red flags and navigating the digital jungle of blockchain, I have to say that the recent Wiz Khalifa Twitter saga is just another instance of the wild west we’re all living in. The rapid rise and fall of WIZ, the meme coin, is a classic example of a “pump-and-dump” scheme, where unsuspecting investors are lured into buying a worthless token, only to see its value plummet moments later.
It appears that the Twitter account belonging to renowned rapper Wiz Khalifa might have fallen victim to a hack. On November 3rd, a fraudulent meme coin scam was posted on an account followed by more than 35.7 million people, which is usually associated with Wiz Khalifa. Although the post has since been removed, unauthorized users pretended to be Khalifa, claiming that they were collaborating with his team to launch a cryptocurrency for crypto enthusiasts under the new name “WIZ”.
Within just 15 minutes after its debut on the meme coin launchpad Pump.fun, which operates on the Solana blockchain, WIZ saw a significant rise in value, reaching a maximum market cap of approximately $3.4 million.
Regrettably, the excitement didn’t sustain. Within an hour, the market value plummeted below $28,000, with initial investors unloading substantial amounts of the token.
As data from DEX Screener suggests, WIZ is currently changing hands at $8,400.
Key Profit Makers and Suspicion of Repeat Attacks
It appears that two cryptocurrency wallets might have gained substantial earnings from the WIZ token. Based on information from Solscan, these wallets bought approximately 155 million WIZ tokens for around $19,100 shortly after its launch. Subsequently, they sold the tokens at a higher price before the value dropped significantly. This strategy is not unprecedented in what’s known as “pump-and-dump” schemes.
At this point, it’s still unclear who the hackers were that infiltrated Khalifa’s X account. Yet, blockchain investigator ZachXBT has proposed a theory concerning the breach. According to his analysis, there’s a possibility that the same individual might have been involved in another well-known account takeover incident.
On October 29th, the account of the developer for Truth Terminal, Andy Ayrey, was illegally taken over and used to advertise fraudulent meme coins. This malicious act culminated in hackers stealing approximately $1.5 million through a strategy similar to pump-and-dump.
Considering the current situation, ZachXBT advised his Telegram followers against purchasing the WIZ token, connecting it with the recent Ayrey hack incident.
No Official Statement from Khalifa’s Team
Currently, no fresh posts are visible on Wiz Khalifa’s social media account, and there have been no official announcements regarding this matter. Consequently, his followers are uncertain if Khalifa’s team has reclaimed control over the account.
In my exploration, I’ve found myself questioning the strategies employed by celebrities to safeguard their social media accounts from falling prey to deceptive practices like scams.
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2024-11-04 15:51