Investor’s $1M MBAPPE Bet Crashes in an Hour After Kylian Mbappé X Account Hack

An investor has suffered a staggering loss exceeding $1 million within just an hour after investing in a dubious meme coin, $MBAPPE, which was fraudulently promoted via a hacked social media account belonging to French soccer star Kylian Mbappé.


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According to analytics firm Lookonchain, the investor created a new wallet and poured 7,156 $SOL, equivalent to $1.03 million, into the $MBAPPE token in a single transaction. However, the value of this investment has since plummeted to a mere $9,200.

$MBAPPE Token’s Brief Surge Quickly Turns into a Crash

On Thursday, hackers gained control of French footballer Kylian Mbappé’s X (formerly Twitter) account and used it to promote the $MBAPPE cryptocurrency. This token was created on the Solana-based memecoin deployer Pump.fun, a platform known for its simplicity and affordability in creating and launching meme coins.

Observers noted that the $MBAPPE token experienced a rapid spike in value, only to crash shortly thereafter. The promotional posts on Mbappé’s account, which were active during the surge, have since been removed. Speculation has arisen as to whether the posts were the result of a hack or if Mbappé himself was involved in promoting the token.

Chinese journalist Colin Wu reported that another user invested 2 SOL, approximately $286, into the token, selling it at its peak to secure a profit of about 1,398 SOL, or around $200,000.

Scammers Exploit Footballer’s Image in Crypto Scams

This incident is not the first time scammers have exploited Kylian Mbappé’s image. In 2019 and 2020, fraudsters used his likeness in online advertisements to promote cryptocurrencies such as Bitcoin, deceiving investors with promises of substantial returns.

In response, Mbappé took legal action against the unauthorized use of his identity. Additionally, the French Financial Markets Authority reported over 1,100 scam complaints in 2018, resulting in losses totaling 55.5 million euros for victims.

Source: cryptonews