Vanessa
The X social media account of American rapper Wiz Khalifa was hacked, leading to the promotion of a dubious meme coin WIZ and resulting in dramatic market fluctuations.
The scam, revealed by blockchain sleuth ZachXBT, initially propelled the coin’s value to a peak of $3.4 million. However, the value plummeted to less than $28,000 after early investors began offloading their holdings. Currently, the token’s market cap stands at approximately $8,400.
This incident follows a similar pattern to the recent hack of Truth Terminal creator Andy Ayrey’s account, which promoted another fraudulent cryptocurrency. These events highlight the vulnerabilities associated with celebrity-backed cryptocurrency promotions and the rapid swings in investor fortune they can cause.
Related: Aave Founder Stani Kulechov Faces Backlash Over $10M Token Buy
Analysis from Solscan revealed that primary wallets involved in the WIZ token scam bought over 155 million tokens at launch, turning a substantial profit by exploiting the initial price surge. This kind of market manipulation has led to significant losses among smaller investors, drawn in by the apparent endorsement from high-profile figures like Khalifa.
Rapper 50Cent’s social media account and website experienced a similar fate in June this year. The X accounts of Lara and Tiffany Trump were also hacked and used to promote fake crypto products in September.
Related: Former Alameda Research CEO Ellison Set for Early January Prison Release
Wiz Khalifa has not issued an official statement as of this writing. His X account remains silent, leaving it unclear whether the rapper has regained control of his account.
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