Caution: Beware of Celeb-Endorsed Crypto Scams! ?
Recently, the Twitter account of iconic heavy metal band Metallica fell victim to hackers who used it to promote a Solana meme coin. This incident is just one in a series of scams targeting celebrities to endorse pump-and-dump schemes disguised as legitimate crypto ventures.
The Metallica Twitter Hack ?
The Metallica Twitter account was compromised, leading to tweets promoting the METAL token, which claimed to be in partnership with Ticketmaster and MoonPay.
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- The tweets were swiftly deleted, but not before generating over $10 million in trading volume for the token, which eventually crashed.
- Crypto Twitter experts quickly debunked the scam, identifying it as fake.
- MoonPay’s President confirmed that METAL was not a supported token on their platform.
The Aftermath of the Scam
After being blocked by Metallica, the scammers behind the scheme saw the METAL token’s price surge before plummeting dramatically.
- Trading volume for the token exceeded $10 million, with a price spike to $0.003, only to drop to under $0.00007.
- The total market cap of the token now stands at a mere $65,000.
Celebrity-Targeted Crypto Scams ?
Celebrities like 50 Cent and Hulk Hogan have also been victims of similar pump-and-dump schemes in recent weeks.
- These scams leverage the influence of well-known figures to deceive unsuspecting followers into investing in fraudulent crypto projects.
- Despite the rise of celebrity-endorsed tokens like JASON by singer Jason Derulo, caution is essential in navigating the crypto landscape.
Hot Take: Beware of Scams in the Crypto World!
Stay vigilant and do thorough research before investing in any crypto project endorsed by celebrities. Scammers are adept at exploiting trust and familiarity to lure investors into fraudulent schemes. Protect your assets and beware of too-good-to-be-true opportunities in the crypto space!
Sources:
- Keith Grossman’s Tweet
- MoonPay’s Warning
- Metallica’s Block
- METAL Token Overview
- LimeWire’s Tweet
- MoonPay’s Safety Alert
