Beware of Crypto Scams: Metallica’s Twitter Account Used for Scam Promotion
In a shocking turn of events, Metallica’s X account (formerly Twitter) was recently hijacked by hackers to promote a crypto scam. Within a short span of 90 minutes, the famous heavy metal band’s account was used to endorse a fake memecoin called METAL, which was supposedly based on Solana.
- The hackers claimed the launch of a new memecoin METAL on Metallica’s profile
- The fake token was presented as a “new dynamic token” created in collaboration with Ticketmaster, although no official announcement was made
- METAL was said to be distributed on pump.fun, a token deployer on Solana
Exposed: Metallica’s Hacked Account and the Crypto Scam
Upon further investigation, it was revealed that MoonPay, a payment processor, was involved in promoting the fake memecoin METAL. However, MoonPay quickly denounced the scam and warned users to be cautious. The President of MoonPay, Keith Grossman, took to Twitter to issue a public statement regarding the fraudulent activities.
“Be careful. MoonPay does not support $METAL on @solana. https://x.com/metallica/stat/metallica/status/1805759618217656519”
- MoonPay emphasized that they do not endorse METAL on the Solana network
- The payment processor notified users that the Metallica account had blocked them
- After the scam tweet was deleted, Metallica’s account retweeted MoonPay’s post as a confirmation of the hacking incident
Rapid Rise and Fall: The Story of the Fake Token METAL
During the time the scam was active, the memecoin METAL experienced a surge in trading volume, reaching over $10 million. The market value of the token skyrocketed to $3.37 million within 20 minutes of its launch before plummeting to $90,000 in just three hours.
Coinbase Tops the List of Most-Used Brands by Phishing Scammers
As crypto scams continue to proliferate, phishing attacks remain a prevalent threat, targeting various crypto brands and platforms. Recent data revealed that Coinbase, a popular cryptocurrency exchange, is the most frequently impersonated brand by phishing scammers in the USA.
- Coinbase has been subjected to 416 phishing attacks in the past four years
- Meta, formerly known as Facebook, faced 10,457 attacks by scammers
- JCB, a financial services company, topped the chart with 14,907 scams in the “banking and finance” category
Hot Take: Protect Yourself Against Crypto Scams
It’s crucial to stay vigilant and cautious in the ever-evolving landscape of crypto scams. Always verify the legitimacy of tokens and projects before investing, and be wary of unsolicited offers and promotions. By adopting a proactive approach to security, you can safeguard your assets and avoid falling victim to fraudulent schemes.
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