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.
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.
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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Vanessa has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
