TL;DR

Kylian Mbappé’s Twitter account was hacked on August 29 to promote a fraudulent cryptocurrency token called MBAPPE.
The value of the MBAPPE token soared to $460 million before plummeting to less than $100,000, causing huge losses to investors.
One trader lost over $1 million in a single transaction by purchasing the fraudulent token, while some more astute traders managed to make significant profits before the crash.

On August 29, the cryptocurrency market was shaken by an alarming incident: the X account of famous footballer Kylian Mbappé was hacked.

The attackers used the compromised account to promote a fraudulent cryptocurrency token known as MBAPPE.

All of Kylian Mbappe’s hacked tweets incase you missed it…

A thread pic.twitter.com/4XEpWpnXQA

— george (@StokeyyG2) August 29, 2024

The hacker promised to double any token sent to a specific address, prompting a swift and dramatic market reaction.

The value of the MBAPPE token skyrocketed to $460 million in a matter of hours, before experiencing a precipitous drop to less than $100,000.

Someone created a new wallet and spent 7,156 $SOL($1.03M) to buy a #MEMEcoin named $MBAPPE in a single transaction, which is now only worth $9.2K.

This person lost more than $1M in just 1 hour!https://t.co/IKsUN14km1 pic.twitter.com/kTF6SQCKT4

— Lookonchain (@lookonchain) August 29, 2024

This abrupt collapse left many investors with significant losses.

One of the most notable cases was that of a merchant who spent over $1 million on MBAPPE tokens, using Solana (SOL).

This individual suffered a loss of over $1 million in a single transaction as the value of the token plummeted almost immediately.

Such scams underscore the risk investors face in the volatile cryptocurrency market.

In addition to significant losses, the incident highlights a worrying trend in the cryptocurrency market: the use of celebrity names to scam investors.

In early August, a former President Donald Trump-themed token, TrumpCoin (DJT), also suffered a dramatic 95% drop in value, underscoring the market’s vulnerability to such hoaxes.

The hacking of Mbappé’s account and the promotion of the fake token also attracted the attention of major cryptocurrency platforms.

Crypto.com, one of the world’s largest exchanges, has warned traders about the MBAPPE token and its fraudulent nature. This incident underlines the importance of due diligence and skepticism in the cryptocurrency world.

Lessons and Precautions in the Cryptocurrency Market after the Mbappé Case

The recent hack and scam associated with the MBAPPE token provide important lessons for cryptocurrency investors.

The first lesson is the need to always verify the authenticity of any investment, especially when it involves celebrity names.

Promises of quick profits and large returns are often warning signs of potential scams.

Secondly, it is crucial to stay informed about security measures and best practices when handling cryptocurrencies.

Using two-factor authentication and constant monitoring of accounts can help prevent hacks and protect assets.

Finally, the incident highlights the importance of being alert to the emergence of new tokens and projects. The rapid expansion of new cryptocurrencies can be a cover for well-designed scams that seek to take advantage of investors’ inexperience.

This event underscores the need for greater education and caution in the cryptocurrency market, where risk and deception are ever present.

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Filed under: News - @ August 29, 2024 4:17 pm