Investor Loses $1M in Hour After Kylian Mbappe's X Account Was Hacked
A cryptocurrency investor lost more than $1 million in just an hour on Thursday after buying the $MBAPPE meme coin. Hackers broke into the X account of French soccer star Kylian Mbappe and used it to promote the cryptocurrency.
According to Lookonchain, the investor created a new crypto wallet and invested 7,156 SOL, equivalent to $1.03 million, into $MBAPPE in a single transaction. But shortly after, the value of his investment plummeted to $9.2 thousand.
Brief growth of $MBAPPE token was followed by a sharp collapse
On Thursday, hackers took over Kylian Mbappe's X account and posted an ad for the $MBAPPE token, which was created on Solana-powered Pump.fun, a platform known for its simplicity, allowing users to create and launch meme coins with just a few clicks.
Users noticed that the $MBAPPE token first rose sharply and then quickly depreciated. The posts remained on Mbappe's profile for some time, prompting speculation about whether the footballer himself was involved in promoting the token or whether his account had been hacked. The posts were later removed.
Chinese journalist Colin Wu reported that one user invested 2 SOL (about $286) in the token and sold it at its peak, earning about 1,398 SOL, which is equivalent to $200,000.
