Coinspeaker
Metallica Becomes Latest Celebrity Victim in Crypto Token Scam
The hackers used Metallica’s account to post tweets, including a Twitter Spaces audio call and replies to other users, to promote the METAL token. These tweets falsely claimed partnerships with major companies like Ticketmaster and crypto payments platform MoonPay, suggesting that the token could be used for discounts on tickets and merchandise.
Although these posts were deleted within 90 minutes, the damage was already done. The METAL token saw over $10 million in trading volume before its value crashed. The token was reportedly launched on the popular Solana-based token deployer pump.fun.
It’s still unclear how Metallica’s account was compromised. The band and their management team are yet to comment on the issue.
Community Reaction and Immediate Responses
Crypto Twitter users were quick to identify the scam, and MoonPay President Keith Grossman immediately responded, stating that MoonPay did not support the METAL token. The scammers, attempting to cover their tracks, falsely claimed to be in contact with MoonPay.
🚨 Pls be careful. 🚨
MoonPay does NOT support $METAL on @solana. https://t.co/oEd5Pzmdn9
— Keith A. Grossman (@KeithGrossman) June 26, 2024
MoonPay later issued a warning on Twitter, cleverly referencing Metallica’s famous song by saying anyone offering the METAL token is “not the master of puppets, they’re the master of scams”. In response, the hackers blocked MoonPay’s account from Metallica’s hacked account.
During the short-lived scam, the METAL token experienced significant trading volume, with over 30,000 transactions. The token’s price peaked at $0.003 but quickly plummeted to below $0.00007.
At its peak, the token achieved a market capitalization of $3.37 million, highlighting the rapid and devastating impact of the scam. Now, the total market cap of the token stands at around $50,000.
Recent Trends and Previous Incidents
This incident is part of a worrying trend where celebrities’ social media accounts are hijacked to promote fraudulent schemes. Just a week prior, rapper 50 Cent’s followers were targeted in a similar scam, and earlier this month, legendary pro wrestler Hulk Hogan was also victimized.
The recent incident remains a cautionary tale for the broader digital asset ecosystem. Though it was swiftly contained, many investors lost their money as a result of the token’s collapse. As the popularity and value of digital assets continue to rise, so does the importance of protecting these platforms from malicious actors.
Metallica Becomes Latest Celebrity Victim in Crypto Token Scam
