Crypto trader turns $1 million into $9k in an hour

In what can be considered the darker side of trading meme cryptocurrencies, a trader has lost a significant amount of money by betting on a token that had not proven itself in the market.

Specifically, the trader recently saw a massive $1 million investment plummet to just $9,000 within an hour, according to data shared by Lookonchain on August 29.

According to the analysis, the trader created a new wallet and used 7,156 SOL (valued at $1.03 million at the time) to purchase a meme coin named MBAPPE. This transaction, completed in a single move, quickly turned sour as the value of the meme coin nosedived, leaving the trader with a balance of only $9,200 #Cryptonews #Cryptoracoon

It’s worth noting that the meme coin, launched on the Solana blockchain, was at one point linked to the French footballer Kylian Mbappé.
However, it turned out that the token was a scam, promoted on social media mainly through the X account of Mbappé after it was hacked.

The token’s market value surged quickly upon its release but soon lost all gains. Notably, several crypto players, such as Crypto.com, warned investors not to fall for the scam.