Trader Loses Over $1 Million in SOL on Meme Coin Purchase

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A careless trader lost over $1 million in SOL due to a meme coin purchase, highlighting the risks of investing in volatile assets without proper research and due diligence.

According to BlockBeats, on August 29, a new wallet spent 7,156 SOL (approximately $1.03 million) in a single transaction to purchase a meme coin named MBAPPE. The current value of the tokens held by this wallet has dropped to just $9,200.
The trader incurred a loss of over $1 million within an hour. Monitoring by @ai_9684xtpa revealed that the Mbappe account was hacked and used to promote the MBAPPE meme coin.

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