Cautionary Tale: a Crypto Investor Loses Over $1 Million in an Hour Due to Dubious Shiba Inu Copycat Coin
Imagine creating a new wallet and investing a whopping 7,156 $SOL, equivalent to $1.03 million, into a meme coin known as $MBAPPE in just one transaction, only to see its value plummet to a mere $9.2K shortly after. This unfortunate scenario played out in real life for a cryptocurrency investor this year.
The Rise and Fall of $MBAPPE Token
Recently, hackers gained access to French soccer star Kylian Mbappe’s X account and utilized it to endorse a cryptocurrency called ‘$MBAPPE’. This platform has garnered popularity for its user-friendly interface, allowing individuals to effortlessly create and launch their meme coins with minimal effort.
- Witnesses observed a rapid surge followed by a sharp drop in the value of the ‘$MBAPPE’ token within a few minutes, with promotional posts visible on Mbappe’s profile.
- Questions arose regarding whether the endorsements resulted from a hack or if Mbappe himself was involved in promoting the token. The posts have since been removed.
Instances of Scammers Exploiting Footballer’s Image in Crypto Fraud
In previous years, fraudsters leveraged the image of the famous footballer in crypto scams. They utilized his likeness in online advertisements to promote various cryptocurrencies, including Bitcoin, enticing investors with false assurances of rapid returns.
- As a response, Mbappe pursued legal action against the unauthorized usage of his identity.
- The Financial Markets Authority of France documented over 1,100 scam complaints in 2018, resulting in losses totaling 55.5 million euros for the victims.
Hot Take: Protecting Your Crypto Investments is Paramount
As a crypto enthusiast, it’s crucial to remain vigilant and exercise caution when navigating the volatile digital asset space. Stay informed about potential risks and always conduct thorough research before engaging in any investment activities.
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