Hackers use Kylian Mbappe's X account to promote crypto scam

Hackers reportedly took control of French football star Kylian Mbappe's X account on August 29, posting messages that promoted a fraudulent cryptocurrency named '$MBAPPE.' 

The incident led to substantial financial losses for some investors who fell victim to the scam. 

The hackers used Mbappe's social media presence to push the fake crypto scheme, catching the attention of many followers by including controversial statements on topics such as the Israel-Palestine conflict. 

According to analytics firm Lookonchain, one victim created a new wallet and invested 7,156 SOL (CRYPTO:SOL), approximately $1.03 million, into the $MBAPPE token. 

The value of this investment quickly collapsed to just $9,200 after a rapid pump-and-dump cycle. 

The fraudulent token, launched on the Solana-based platform Pump.fun, saw a brief surge before crashing. 

While Pump.fun enables users to create meme coins quickly and at low cost, the platform's ease of use has also made it a fertile ground for scams, as demonstrated by this incident. 

Despite the losses suffered by some, a few managed to profit from the scheme. 

Crypto journalist Colin Wu reported that one user invested 2 SOL (around $286) and sold at the peak, making 1,398 SOL, or roughly $200,000. 

While some questioned the authenticity of the posts, suggesting Mbappe might be involved, it became evident that his account was hacked. 

The fraudulent messages have since been removed. 

The scammers behind the $MBAPPE token sold over 90,000 units before disappearing. 

One of their tweets even asked followers to send funds to a specific address, promising a follow-back from Mbappe in return. 

It remains unclear if anyone fell for this trick. 

This incident mirrors other recent hacks, such as McDonald's Instagram account being used to promote a fraudulent token named "Grimace." 

In that scam, the value of the fake token surged to over $25 million before crashing, and the scammers later boasted about making away with over $700,000 of users’ funds.