Crypto Investor Loses $1M in 1 Hour in $MBAPPE Pump-and-Dump Scam
A cryptocurrncy invstor lost ovr $1 million in just one hour on Thursdy, flling victim to clssic pump-nd-dump scm. Th invstor, lurd by dcptiv socil mdi promotions, pourd significnt sum of 7,156 SOL (pproximtly $1.03 million) into nwly lunchd mm coin clld $MBAPPE.
Th promotions pprd on th hckd X ccount of Frnch soccr str Kylin Mbppé. Hckrs gind control of Mbppés ccount nd usd it to promot th $MBAPPE tokn, built on th Soln-bsd mm coin dployr Pump.fun. Th pltforms s of us llows nyon to crt nd lunch mm coins with miniml ffort.
Th $MBAPPE tokn witnssd mtoric ris in vlu shortly ftr th promotionl posts pprd. Howvr, this surg ws phmrl, nd th tokns vlu plummtd just s quickly, lving th unfortunt invstor with mr $9,200 from his initil invstmnt of 7,156 SOL, rprsnting ctstrophic loss.
While one investor lost a significant sum, another managed to capitalize on the market volatility. A keen trader, identified by Lookonchain, turned a measly $29 into stggring $125,000 within thr minuts by trding th $MBAPPE tokn. This instance highlights the high-risk, high-reward nature of meme coin trading.
Mbappé Targeted in Crypto Scam
This incidnt isnt th first tim Kylin Mbppés idntity hs bn misusd for crypto scms. In 2019 nd 2020, his img ws usd in onlin dvrtismnts to promot fk cryptocurrncis with promiss of quick profits. Mbpp hs tkn lgl ction ginst such unuthorizd us in th pst.
Th prvlnc of crypto scms is growing concern for finncil rgultors worldwide. Th Finncil Mrkts Authority of Frnc rportd ovr 1,100 similr scm complints in 2018, rsulting in losss xcding 55.5 million for victims.
Furthrmor, rcnt rports from th Austrlin Fdrl Polic indict tht nrly hlf of ll invstmnt scm losss in th country ovr th pst yr wr tid to cryptocurrncis. According to AFP, Austrlins lost $122 million to cryptocurrncy scms lst yr. Ths figurs highlight th urgnt nd for incrsd vigilnc nd duction to protct invstors from flling pry to such dcptiv schms.
Related Readings | Australia Hit by $122 Million Crypto Scam Losses, 60% Victims Under 50
Read more: https://www.tronweekly.com/crypto-investor-loses-1m-in-mbappe-scam/
Text source: TronWeekly
