Crypto Scam: After Rapper 50 Cent, Heavy Metal Band Metallica's Social Media Hacked To Promote Solana-Based Memecoin
Portfolio Pulse from Aniket Verma
Metallica's official X account was hacked to promote a Solana-based memecoin called METAL, falsely claiming collaboration with Ticketmaster and MoonPay. The token's market cap spiked to $3.37 million before crashing to $30,000. This incident follows similar scams involving 50 Cent and Hulk Hogan, highlighting a trend of cybercriminals exploiting celebrity accounts for pump-and-dump schemes.
June 26, 2024 | 9:11 am
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NEUTRAL IMPACT
Ticketmaster, a subsidiary of Live Nation Entertainment (LYV), was falsely implicated in the promotion of a fraudulent memecoin. The company has denied any involvement.
Ticketmaster's denial of involvement should mitigate any significant impact on LYV's stock price. However, the association with a high-profile scam could cause minor short-term volatility.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
The U.S. saw a 53% increase in losses from Bitcoin and other crypto investment scams in 2023, totaling $3.94 billion. This highlights the growing risk of cybercrime in the crypto market.
The rising trend of crypto scams, including those involving Bitcoin, could lead to increased regulatory scrutiny and short-term price pressure on BTC.
CONFIDENCE 80
IMPORTANCE 80
RELEVANCE 50
NEGATIVE IMPACT
The Solana-based memecoin METAL was promoted through Metallica's hacked X account, causing a brief spike in its market cap before crashing. This incident adds to the negative sentiment around Solana-based tokens.
The association of Solana with another high-profile scam could negatively impact investor sentiment and lead to short-term price declines for SOL.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80