User Nets 4330-Fold Profit on Fake MBAPPE Token

Hackers breached the social media account of French footballer Kylian Mbappé to promote a counterfeit token named MBAPPE. Within minutes, the token’s market capitalization soared to tens of millions of dollars before the developers executed a rug pull, reports Mirror.

One user lost $1 million in a matter of minutes. According to analysts at Lookonchain, this individual purchased tokens for 7156 SOL ($1.03 million), which are now valued at $9200.

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!?https://t.co/IKsUN14km1 pic.twitter.com/kTF6SQCKT4

— Lookonchain (@lookonchain) August 29, 2024

Conversely, another wallet acquired tokens for 0.2 SOL ($29) and swiftly sold them for 866.13 SOL ($125,160), achieving a 4330-fold profit.

This guy who trades #MEMEcoins like buying lottery tickets finally hit the 4,330x jackpot!

He spent 0.2 $SOL($29) to buy $MBAPPE and sold it 3 minutes later for 866.13 $SOL($125.16K), a 4,330x return!

Over the past month, he traded 251 MEMEcoins, investing 0.1 $SOL, 0.2 $SOL,… pic.twitter.com/hreNVUcyEF

— Lookonchain (@lookonchain) August 29, 2024

Analysts believe the address is not linked to insiders, as it has invested similar amounts in 251 meme coins over the past month.

Previously, ForkLog reported that McDonald’s Instagram account was hacked to promote a fake token.