An unknown trader has lost over $1 million on a fake Kylian Mbappe token, marking another shocking incident related to celebrity cryptocurrencies.
Fake token incident
The unknown trader spent over $1 million worth of Solana (SOL) tokens to buy the fake Kylian Mbappe (MBAPPE) token, according to a Lookonchain X post on August 29. The transaction was made using a new wallet, resulting in losses exceeding $1 million within just one hour.
Crypto.com warnings
The trader bought the scam coins shortly after Kylian Mbappe’s X account was hacked and posted an endorsement of the fake cryptocurrency, which was later deleted. Notable crypto firms, including Crypto.com, warned users against the scam token in an August 29 X post.
Successful trades by other traders
Despite being a scam token, some traders managed to make significant profits. An anonymous trader made nearly $124,000 in profit on the scam coin, catching it at a market cap of $80,000.
This incident underscores the importance of alertness and awareness regarding potential scams in the cryptocurrency community. Users are advised to exercise caution when investing in tokens associated with celebrity names.
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