The post Cardi B’s Twitter Account Hacked to Promote Scam Memecoin: Fans Beware! appeared first on Coinpedia Fintech News
Cardi B lost control of her official X account, Twitter on October 8, 2024, to promote a memecoin known as WAP. It is one of the shortcomings that was highlighted and reported by the blockchain security firm PeckShield due to the issue. In response to the two posts, PeckShield told users not to interact with the links or addresses provided by Cardi B as they pose as a scam.
Memecoin Promoted on the Hacked Social Media Account
The WAP token, presumably named after the recent Cardi B song, emerged along with the homepage and social networks. The compromised account posted a video they said showed the rapper promoting the token.
However, the posts remained open for several hours, which makes several doubts about how quickly X can respond to this kind of security violation.
Other Concerns With Celebrity Crypto Endorsements
This hack is not isolated since more and more celebrities’ social accounts are being used to scam people into investing in fake crypto businesses. Over time, there have been rising in circulation numerous personalities that are linked to shady tokens.
Late last year and earlier this year, promoters of meme coins, most recently Caitlyn Jenner, used their memes for pump-and-dump scandals. A few days ago, ZachXBT bashed crypto influencer Ansem for being involved in the Pump-and-Dump ‘Pump’ Scheme and promoting unvalued crypto coins
At the moment, there is no official statement on whether Cardi B supports the WAP token. At the time of writing, the value of the token currently stands at $ 0.0002015, which gives the company a market capitalization of $ 21 million; thus, its authenticity also remains questionable cause many celebrities endorse SCAM crypto initiatives only with the aim of enriching themselves.
