Outside Source
The trader lost over $1 million within a single hour, not realizing that the Real Madrid footballer’s account was hacked before endorsing the scam token.
News
Own this piece of crypto history
An unfortunate trader has lost over $1 million on a fake Mbappe token, in the latest devastating incident related to celebrity cryptocurrencies.
The unknown trader spent over $1 million worth of Solana (SOL) tokens to buy the fake Kylian Mbappé (MBAPPE) token, according to a Lookonchain X post on Aug. 29.
The onchain intelligence firm wrote:
“Someone created a new wallet and spent 7,156 $SOL($1.03M) to buy a #MEMEcoin named $MBAPPE in a single transaction, which is now only worth $9.2K. This person lost more than $1M in just 1 hour!”
Mbappe trader, >
Mbappe trader, $1 million buy order. Source: Lookonchain
million buy order. Source: Lookonchain
The million-dollar loss marks the latest devastating event related to scam celebrity-related cryptocurrencies. Earlier in August, a President Trump-themed memecoin, TrumpCoin (DJT) saw a 95% decline, amid a wider crypto market downturn
Related: Gavin Wood’s biggest hope: Free crypto transactions and Web3 tech worldwide
Crypto.com warns against scam token
The trader bought $1 million worth of the scam coins shortly after Mbappé’s X account was hacked and posted an endorsement of the fake cryptocurrency.
Kylian Mbappé, scam token endorsement. Source: TheSun
The hacker’s scam token endorsement has since been deleted from X.
Some of the world’s most notable crypto firms have warned against the scam token, including the world’s 13th largest centralized cryptocurrency exchange (CEX), Crypto.com.
The exchange warned traders not to fall for the fake Mbappe token, in an Aug. 29 X post.
Warning against scam Mbappe token. Source: Crypto.com
Related: Can Bitcoin get a green monthly close above $64.3K?
Not all Mbappe traders took a loss
Despite being a scam token, some of the savvier Mbapppe coin traders made a large profit.
An unknown trader made nearly $124,000 in profit on the scam coin, noted pseudonymous trader Yet, in an Aug. 29 X post:
“A guy that bought on @KMbappe scam token $MBAPPE turned $28 into literally $124k. He caught it at $80k market cap.”
Savvy Mbappe trader’s wallet. Source: Coinstats
The savvy trader cashed out $126,000 worth of Solana tokens shortly before the Mbappe token’s price collapsed, according to Coinstats data.
Magazine: Bitcoiners are ‘all in’ on Trump since Bitcoin ’24, but it’s getting risky
This article first appeared at Cointelegraph.com News
