Outside Source
The Dior coin fell more than 90% after it was revealed to be a fake Solana meme coin promoted by a hacker on the Dior official account.
On Feb. 19, the official Instagram account for luxury brand Dior uploaded a post promoting a Solana (SOL) meme coin dubbed the Dior Official Coin alongside a pump.fun address to access the token. The post was shared to the fashion account’s 46.8 million followers.
Many users in the comments section were quick to suspect the account was hacked, while others joked about the Instagram admin needing money.
“DIOR OFFICIAL COIN. The exclusive luxury crypto on Pumpfun, Secure, innovative, and ready for the future,” wrote the hacker on the post’s caption, accompanied by a picture of the Dior logo on a black backdrop with the Solana logo looming above it.
The post disappeared not long after the account was recovered. At the time of writing, the luxury brand still has not released any official statements acknowledging the social media hack.
According to data from GeckoTerminal, the Dior coin was launched on Solana through the popular meme coin launchpad pump.fun on Feb. 19, its value skyrocketed to 138% mere minutes after its launch. In the past 24 hours, the fake Dior meme coin has accumulated a trading volume of more than $1 million.
After the account was recovered and the post was deleted, the Dior coin took a plunge. The token is currently down by more than 90%, with only a slight 2% rise in the past hour. At present, there are around 876 traders still holding onto the meme coin.
The Dior coin has a low liquidity of $8,730 and a fully diluted volume of $6,430. Its market cap once reached beyond $280,000, but now it stands at $6,430. According to the token’s description, the fake meme coin claims to be an “exclusive token” that caters to loyal Dior shoppers.
“Dior Coin is here to shake up the crypto world! This exclusive token, launched on Pump.fun, brings a touch of luxury to the digital space. It’s not about shopping Dior, but about owning a piece of the future in style,” read the description.
Earlier this month, the X account of Solana DEX aggregator Jupiter experienced a similar hack. The account was hijacked by scammers to promote a fake meme coin inspired by Jupiter’s cat mascot called MEOW.
This article first appeared at crypto.news
