One Investor Scores 4,330x Return When French Football Star Kylian Mbappé’s Hacked X Account Results in Multi-Million Dollar $MBAPPE Scam

Kylian Mbappé’s X Account Hijacked for $MBAPPE Scam

In a dramatic breach of security, Kylian Mbappé's X (formerly Twitter) account was hacked on August 29, 2024.

Kylian Mbappé is a renowned French football star with significant influence on X (formerly Twitter), where he boasts a massive following of 14.4 million users.

Within minutes, the token ballooned to tens of millions in value, only to crash dramatically shortly thereafter.

The hacker, seizing control of Mbappé’s account, posted a contract for the $MBAPPE token through the crypto deployment platform Pump.fun, which allows users to create and launch meme coins with minimal effort.

The hacker promoted $MBAPPE, which is a scam token.

The swift manipulation of the token’s promotion led to a spike in its value as unsuspecting investors poured money into it.

As reported by Lookonchain, one investor fell victim to this scheme by creating a new wallet and investing 7,156 Solana (approximately $1.03 million) in $MBAPPE in a single transaction.

Unfortunately, the value of this investment plummeted to roughly $9,200 within an hour, resulting in a staggering loss of $1 million.

In stark contrast, another savvy trader managed to turn a small investment into substantial profits.

This trader, with a keen eye for meme coins, invested 0.2 Solana (approximately $29) in $MBAPPE.

Within just three minutes, the trader sold the token for 866.13 Solana, translating to about $125,160. This impressive trade yielded a 4,330x return, projecting the volatile and high-stakes nature of meme coin trading.

Over the past month, this trader engaged in 251 different meme coin trades, achieving a 35.46% win rate and netting a total profit of $126,700.

The Memecoin Boom and Bust

The $MBAPPE token’s meteoric rise and subsequent crash highlights the inherent risks associated with meme coin investments.

The rapid valuation surge was fueled by the fraudulent promotion from Mbappé’s hacked account.

Once the hacker sold off their holdings, the token's value nosedived, exposing the vulnerability of investors who had bought in during the peak.

The incident follows a troubling pattern of high-profile accounts being hijacked for cryptocurrency scams.

Recently, McDonald's Instagram account fell victim to a similar scheme, where hackers promoted a meme coin named Grimace (GRIMACE30045-USD).

This scam saw the token’s market cap soar to $25 million before collapsing to under $1 million, as scammers exploited the fast-moving nature of social media-driven investments.

Historical Context of Celebrity-Endorsed Scams

This recent incident is part of a broader trend where celebrities' identities are hijacked to promote dubious crypto schemes.

In past years, scammers have frequently exploited renowned figures like Kylian Mbappé to lend credibility to their fraudulent activities.

In 2019 and 2020, Mbappé's likeness was used in misleading advertisements for cryptocurrencies, prompting legal action from the football star against such unauthorised use.

The Financial Markets Authority of France recorded over 1,100 scam complaints in 2018 alone, highlighting a significant issue with cryptocurrency-related fraud.

These scams resulted in losses totaling 55.5 million euros (~$60.2 million), illustrating the severe financial impact on victims.

Pump.Fun Exploitation Fuels Rise in Crypto Scams

Pump.Fun, a crypto platform, is being exploited by scammers like the anonymous trader “Phantom,” who revealed how he profits by manipulating the meme coin market through an interview with crypto YouTuber NFT Nate.

Phantom, averaging $60,000 to $65,000 weekly (400 SOL), uses automated tools like DogWifTools to create fake demand, deceiving buyers into purchasing worthless tokens.

The process, which he describes as "brain-dead easy," involves launching tokens in quick succession and then executing a "dump all" command, crashing prices and leaving investors with losses.

With 98.5% of tokens on Pump.Fun being rugs and only a small fraction achieving value, the platform has become a hotbed for crypto scams, highlighting the risks in the volatile memecoin market.

Even former employees of Pump.Fun have exploited the system, with one arrested for a $1.9 million scam, highlighting the platform's vulnerabilities and the scale of fraudulent activities within the crypto industry.

The High-Stakes Nature of Meme Coin Trading

The rapid rise and fall of the $MBAPPE token serve as a stark reminder of the speculative and often dangerous nature of meme coin investments.

Traders who succeed in navigating this volatile market can achieve extraordinary returns, but the risks involved are considerable.

The $1 million loss suffered by one investor and the 4,330x gain achieved by another showcases the unpredictable and high-reward world of cryptocurrency trading.

As this incident continues to unfold, it emphasises the need for heightened security measures and awareness in the cryptocurrency space.

The ongoing manipulation of high-profile accounts for fraudulent purposes reflects broader challenges in safeguarding both investors and celebrities from exploitation in the fast-evolving digital currency landscape.