As an experienced analyst, I’ve seen my fair share of celebrity memecoin scams in the crypto world. And this latest one involving Metallica and their Solana-based token METAL is a prime example of how these scams can be meticulously planned to deceive unsuspecting investors.
About a month after Caitlyn Jenner introduced her JENNER token, the craze around celebrity memecoins on the Solana blockchain persists. The latest addition to this list is legendary heavy metal band Metallica. However, their entry into the crypto world was marred by another instance of X account hacks, which targeted investors.
Solana-Based METAL Takes Over Crypto
Metallica, the renowned heavy metal band, has revealed plans to team up with the widely-played game Fortnite. This partnership appears to be an effort to introduce Metallica’s music to a fresh audience of music enthusiasts.
As a researcher observing the digital landscape, I noticed an intriguing turn of events last Tuesday night. The Metallica X account’s attempt to engage with a new community was overshadowed by an unsuccessful endeavor. In an effort to foster connection and reward their devoted fanbase, they announced their intention to distribute a Solana-based token. However, the execution seemed to fall short, leaving the intended impact muted.
“The announcement unveiled METAL, a rumored partnership product between the band and Ticketmaster. This innovative token, based on the Solana blockchain, is touted as a game-changer for event attendance and e-commerce transactions.”
In contrast to other celebrity meme token schemes, METAL provided value right from the start. By employing METAL for purchasing concert tickets via Ticketmaster, users could secure discounts worth up to 25%. Furthermore, METAL holders stood a chance to acquire free tickets through “exclusive giveaways.”
Announcing that the X platform will provide three extremely scarcely available “Metal Token Xbox Series X consoles,” signed for the benefit of token holders. Furthermore, using the robustness of Solana, the METAL token is promised to smoothly blend into your shopping process for hassle-free transactions.
Master Of Tokens Or Master Of Nothing?
Metallica enthusiasts and cryptocurrency investors grew suspicious of the recent posts, sparking discussions amongst users. Some questioned the authenticity of the announcements and suspected a hack on the account. One user speculated that Metallica would not tarnish their reputation by launching a worthless coin and then abandoning it, leaving investors in the lurch.
As a researcher studying online fraudulence, I’ve come across cases where even the most wary users have succumbed to carefully crafted scams. One such instance involved a series of convincing posts about a new music project called METAL. The graphics for these posts were impressive and authentic-looking, as pointed out by a fellow community member. Furthermore, the attackers went to great lengths to assure potential victims that METAL was not a scam and that they were dedicated to the long-term success of the band. Unfortunately, despite initial suspicions, some users fell for this meticulously planned deception.
The hacker made an assertion that my analysis uncovered collaboration between MoonPay and the band. However, MoonPay refuted this claim in a swift response, explaining that they were not implicated in the incident but rather dealing with a “master of scams,” a term they used to describe the actual perpetrator.
A user of X, noting their experience, brought up that the market capitalization for the Solana token exceeded $2 million. But following the recuperation of the X account by the band, and the subsequent deletion of their promotional content, the token’s value took a sharp downturn.
Despite this, one investor achieved virtuosity in handling tokens. It came to light from digital records that a trader transformed a $3.380 initial investment into an impressive $24,600. Remarkably, this “fortunate” investor purchased the tokens when their market cap stood at $50,000 and sold them at the peak of the fraudulent scheme.
At the current moment, the value of the token stands at $0.00002031, which is a staggering 99.3% decline from its all-time high of $0.003353. Additionally, Metal’s market capitalization amounts to $20,000, marking an astonishing 9000% decrease.
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2024-06-27 04:18