On February 19, Dior's official Instagram account was used to promote Dior Coin, a Solana-based meme coin, leading to a 90% crash.
What Happened to the Dior Account?
The hacked Dior Instagram account with 46.8 million followers posted about Dior Coin, including a Pump.fun address for token access. Many suspected a hack or joked about the admin needing money.
Response to the Hack
The post disappeared shortly after the account was recovered. However, no official statements have been released by Dior yet. In the 24 hours post-launch, the meme coin's trading volume reached over $1 million.
Dior Coin's Economy
Dior Coin's value plummeted over 90% after the post was deleted. The token's market cap dropped from $280,000 to $6,430, with liquidity at $8,730. Despite the crash, around 876 traders still hold the meme coin.
The Dior Coin incident underscores the importance of social media security and raises questions about trust in anonymous cryptocurrencies.
