French football star Kylian Mbappe was the latest victim of a Twitter hack that has sent shockwaves through the sports and cryptocurrency communities. The Real Madrid forward’s account was compromised earlier today by a hacker who went on to make controversial posts and also promoted a memecoin with a similar name to the star, $MBAPPE.
Following the tweets, the value of the memecoin skyrocketed to tens of millions before collapsing to zero, prompting gains and losses among investors. Particularly, a case was reported on X about an investor who lost over $1 million to the rug pull scam.
Unlucky Investor Rekt of $1 Million
According to a report by Lookonchain, a crypto transaction tracking service, an unlucky trader who got involved with the MBAPPE token shortly after launch lost a massive $1 million due to the rug pull. Per the report, this investor spent 7,156 SOL, valued at $1.03 million, to purchase the MBAPPE coin in one transaction. Little did he know that he was going to lose all his funds within a very short time. Lookonchain pointed out that within an hour of his investment, the coin crashed leaving the investor with only $9,200 in his balance.
Notably, the coin was launched on the Pump.fun ecosystem which is a Solana-based platform for memecoins. The platform has been trending for the past months and the hackers utilized this buzz to create the coin that would cause havoc across the crypto community.
Another Investor Made $200K Profit Before the Crash
Meanwhile, another lucky investor made a staggering 700x profit after quickly cashing out on his gains during the pump frenzy. According to a report from WuBlockchain, a crypto news outlet on X, an investor spent 2 SOL, approximately $286 to buy the coin. Observing the market, the user quickly sold his holdings at a high point within a few minutes, cashing in on a mouthwatering $200,000.
Meanwhile, Kylian Mbappe has not yet explained the hack on his X account. However, these outcomes underscore the extreme degree of volatility inherent in meme coins. It also suggests that using fresh tokens should be done with prudence.
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.