Recently, football star Kylian Mbappé suffered a high-profile breach when his Twitter account was stolen. Hackers used his account to spread a fake token called MBAPPE.
Introduction
French football star Kylian Mbappé's Twitter account was hacked and used to promote a fake token named MBAPPE. The incident highlights the vulnerabilities of social media platforms, especially among celebrities with large followings.
Rapid Surge and Swift Collapse
The MBAPPE token was created on the Solana blockchain, and its market cap skyrocketed to $464 million in minutes. However, within 47 seconds of reaching its peak, the token's value plummeted by 99%, leaving many investors with significant losses. Eventually, the token's market cap settled at $57,000. While many suffered huge losses, some traders made a profit. One trader turned $29 into $125,790 by correctly timing the market's peak.
Consequences and Warnings
This case underlines the risks of investing in unverified cryptocurrencies, especially those promoted via compromised social media accounts. It also shows the growing trend of hackers targeting high-profile individuals for such scams. The fake tweets were deleted eventually, but not before causing significant financial damage. This incident raises important questions about security in the crypto space and the need for better protection for the accounts of prominent individuals.
This incident serves as a warning to all users to exercise extreme caution when investing in cryptocurrencies, particularly those obtained through dubious channels.
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