Kylian Mbappe is the latest celebrity to be linked to memecoins on social media, following the compromise of his X (formerly Twitter) account. The French football star’s account was hacked, and attackers used his profile to promote memecoins, attempting to capitalise on their popularity.
This incident highlights ongoing concerns in crypto markets about celebrity-associated memecoins, especially after a series of similar hacks.
Trader loses $1 million with MBAPPE memecoin
The X account of Kylian Mbappe, the star player of the French national team and Real Madrid, was hacked, which led to the launch of a token called MBAPPEAccording to Wu Blockchain, the post promoting this token has since been deleted.
The token’s price quickly skyrocketed after its launch but lost all gains soon after, illustrating the volatility and risks associated with such assets.
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MBAPPE Price Performance. Source: GeckoTerminal
According to Wu Blockchain, a trader He got ahead of the price increase, making as much as $200,000 in profits.
“French footballer Kylian Mbappe’s Twitter account was hacked and he launched the MBAPPE token, which has now been deleted. The market value of MBAPPE tokens skyrocketed to tens of millions within minutes and then quickly returned to zero. One user bought 2 SOL (about $286) and sold it at a high point for a profit of about 1,398 SOL (about $200,000),” it reads. lee in the report.
While the first trader one was lucky, another was ruined, as Lookonchain reports, A new wallet lost up to $1 million in an hour.
Specifically, he spent $1.03 million to purchase MBAPPE in a single transaction before his portfolio was reduced to just $9,200.
“Someone created a new wallet and spent 7,156 SOL ($1.03M) to buy a memecoin called MBAPPE in a single transaction, which is now only worth $9,200. This person lost over $1M in just 1 hour,” Lookonchain shared.
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Trader loses $1 million in memecoin MBAPPE. Source: Solscan
Kylian Mbappe has yet to clarify the matter on his X account. However, these developments highlight the high volatility that characterizes memecoins. It also indicates the need for caution when interacting with new tokens.
MBAPPE is not the first celebrity-inspired memecoin to go haywire. BeInCrypto recently reported on WATER, a memecoin associated with Argentine star Lionel Messi. Other celebrities whose social media accounts have been hacked in the past include Metallica and 50 Cent.
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