- Kylian Mbappe’s X account was hacked to promote the MBAPPE meme coin, highlighting security concerns in crypto markets.
- MBAPPE token saw a rapid value surge but quickly plummeted, leading to significant financial losses for some investors.
- Celebrity-linked meme coins often involve high risks, as evidenced by the hacking incidents involving Kylian Mbappe and Lionel Messi.
French footballer Kylian Mbappe appears to have been the victim of a cyberattack on his X account. Hackers took over his account and used it to promote a new meme coin called MBAPPE, taking advantage of the player’s widespread influence and popularity.
The hack follows similar incidents in which hackers used celebrities’ social media platforms to promote cryptocurrencies.
Surge and Fall of MBAPPE Coin
Following the promotion of the MBAPPE token on Mbappe’s X account, the token experienced a rapid surge in market value. The initial spike attracted attention from traders and investors. However, the excitement was short-lived, as the token’s value plummeted soon after, demonstrating the inherent risks and volatility associated with such assets.
One trader reportedly managed to capitalize on the surge, earning a profit of $200,000. On the contrary, another investor was not as fortunate. Lookonchain reports that a new wallet holder invested $1.03 million into MBAPPE in a single transaction, only for the value of their portfolio to drop dramatically to just $9,200 within an hour.
Concerns Over Celebrity-Linked Meme Coins
The incident involving Mbappe is part of a larger trend in which hackers target celebrities’ social media accounts to promote volatile and often fraudulent crypto projects.
Other high-profile personalities such as Argentine football player Lionel Messi was linked to a memecoin called WATER which saw many investors fall into the trap.
Kylian Mbappe has not yet issued a public statement on the matter. The MBAPPE token is a reminder of the volatile nature of the meme coin market, as well as the ongoing security issues in the field of digital currencies.
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