{"id":11183,"date":"2024-08-29T15:57:04","date_gmt":"2024-08-29T15:57:04","guid":{"rendered":"https:\/\/www.cryptometer.io\/news\/?p=11183"},"modified":"2024-08-29T15:48:13","modified_gmt":"2024-08-29T15:48:13","slug":"1-million-gone-in-an-hour-trader-victim-to-mbappe-token-scam","status":"publish","type":"post","link":"https:\/\/www.cryptometer.io\/news\/1-million-gone-in-an-hour-trader-victim-to-mbappe-token-scam\/","title":{"rendered":"$1 Million Gone in an Hour: Trader Victim to Mbapp\u00e9 Token Scam"},"content":{"rendered":"\n<p>A cryptocurrency trader lost over $1 million in just one hour after unknowingly purchasing a fraudulent token linked to French football star Kylian Mbapp\u00e9. The incident occurred after Mbapp\u00e9\u2019s X (formerly Twitter) account was hacked, leading to the promotion of the scam token.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">The Costly Mistake<\/h3>\n\n\n\n<p>On August 29, an on-chain intelligence firm, Lookonchain, reported that the trader spent 7,156 Solana (SOL) tokens, valued at approximately $1.03 million, on a newly minted token named $MBAPPE. This purchase was made in a single transaction, but the token quickly plummeted in value. By the time the trader realized the scam, the $MBAPPE tokens were worth only $9,200\u2014a staggering loss of over $1 million.<\/p>\n\n\n\n<p>Lookonchain shared the details on X, highlighting the rapid decline in the token&#8217;s value and the significant financial impact on the trader:<\/p>\n\n\n\n<p>\u201cSomeone created a new wallet and spent 7,156 $SOL($1.03M) to buy a #MEMEcoin named $MBAPPE in a single transaction, which is now only worth $9.2K. This person lost more than $1M in just 1 hour!\u201d<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">The Dangers of Celebrity-Linked Crypto Scams<\/h3>\n\n\n\n<p>This incident is a stark reminder of the risks associated with cryptocurrencies, particularly those linked to celebrities. Scammers often exploit the popularity and influence of public figures to promote fraudulent tokens, leading to significant financial losses for unsuspecting investors.<\/p>\n\n\n\n<p>In this case, the trader was deceived by the endorsement seemingly coming from Mbapp\u00e9\u2019s official account, not realizing that the account had been compromised. Unfortunately, this is not an isolated event. Earlier in August, a memecoin themed around former U.S. President Donald Trump, called TrumpCoin (DJT), experienced a 95% decline in value, further illustrating the volatility and risks associated with celebrity-themed cryptocurrencies.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A cryptocurrency trader lost over $1 million in just one hour after unknowingly purchasing a fraudulent token linked to French football star Kylian Mbapp\u00e9. The incident occurred after Mbapp\u00e9\u2019s X (formerly Twitter) account was hacked, leading to the promotion of the scam token. The Costly Mistake On August 29, an on-chain intelligence firm, Lookonchain, reported [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":8388,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[43],"tags":[],"class_list":{"0":"post-11183","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-general-news"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>$1 Million Gone in an Hour: Trader Victim to Mbapp\u00e9 Token Scam<\/title>\n<meta name=\"description\" content=\"A cryptocurrency trader lost over $1 million in just one hour after unknowingly purchasing a fraudulent token linked to French football star Kylian\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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