Trader loses $1M in an hour in MBAPPE memecoin trade

A trader lost about $1 million in a single hour after investing in Solana-based (SOL) memecoin MBAPPE.

Data shared on Aug. 29 by blockchain analytics firm Lookonchain shows that the memecoin was acquired by a fresh Solana wallet that spent 7,156 SOL on it. The newly acquired token is now worth about $9,200.

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

According to a Wu Blockchain report, a different user bought 2 SOL — about $286 — and sold it when the token was trading high. The sale price was about 1,398 SOL, or about $200,000.

Hacked X profile

MBAPPE was promoted on the X profile of French soccer superstar Kylian Mbappé’s hacked X account. It was later revealed that the profile was hacked and the memecoin was not genuinely affiliated with the sportsman. The posts have been since deleted.

Soccer fan page KurdyAFC documented the tweets posted by the account post-hack. The token was created using the Solana memecoin-making tool Pump.Fun, which allows users with no technical knowledge to create a token in a few clicks.

This is the latest in a long series of X profile hacks committed to promote crypto scams. As ReadWrite reported in late June, at the time, the official X account of legendary thrash metal band Metallica was briefly compromised to promote a crypto scam.

Just like with Mbappé’s profile, the thrash metal band’s account was compromised to promote a fraudulent Solana-based token. The token employed the METAL ticker and claimed a partnership with Ticketmaster and involvement from fintech company MoonPay. Still, both companies quickly denied that any collaboration was in place.

In January, hackers also specifically targeted prominent verified X accounts to promote crypto scams and drop links to drainers. A crypto drainer is a form of malware that targets cryptocurrency wallets by tricking the victim into consenting to a malicious transaction.

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