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Celebrity Instagram accounts, including those of Michael Jackson, Adele, and Future, have been compromised in a sophisticated crypto scam. The hackers leveraged these high-profile accounts to promote an unaffiliated Solana meme coin, leading to a significant market manipulation and financial loss for investors.
Key Takeaways
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Celebrity Instagram accounts were hacked to promote a Solana meme coin.
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The scam involved a pump-and-dump scheme, causing the coin's market cap to collapse.
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The scammer profited approximately $49,000 from the operation.
The Scam Unfolds
The coordinated attack saw the hackers gain control of the verified Instagram accounts of several prominent musicians. Posts were shared featuring what appeared to be an AI rendering of Future holding a coin branded "FREEBANDZ," a name associated with the rapper's record label and clothing line. This tactic aimed to lend credibility to the fraudulent promotion of the Solana-based meme coin.
Market Manipulation and Profit
The meme coin, launched on the Solana token launchpad Pump.fun, experienced a rapid surge in its market capitalization, briefly reaching nearly $900,000. However, this was followed by a dramatic crash, with the market cap plummeting by approximately 98% to $20,000. The perpetrator, identified by a Solana address, executed a large sell-off of 700 million tokens, effectively crashing the price and pocketing over $49,000 worth of SOL.
A Recurring Problem
This incident is not an isolated event in the cryptocurrency space. Hacking popular social media accounts to promote crypto scams, particularly meme coins, has become a recurring tactic. Previous instances include the UFC's official Instagram account being compromised, resulting in significant losses for users, and even accounts belonging to public figures like Barack Obama and Elon Musk being misused for similar schemes. These malicious actors exploit the vast reach of celebrity accounts to artificially inflate the value of a coin before dumping their holdings, a classic pump-and-dump strategy.
Sources
This article was created with support from AI-driven technology, drawing on multiple reputable sources. The final content has been thoroughly reviewed and edited by BlockzHub's editorial team to ensure accuracy, clarity, and coherence. Original reporting sources are credited whenever appropriate and as required. The opinions expressed in this article do not necessarily represent the official views or positions of BlockzHub. This article is intended for informational purposes only and should not be considered financial or professional advice. Investing involves risk, and you should consult a qualified financial advisor before making any investment decisions.