Celebrities' Instagram Accounts Used for Crypto Trickery
Celebrities Targeted
Recently, the Instagram accounts of renowned musicians Adele, Future, Tyla, and the late Michael Jackson were compromised by hackers. These malicious actors exploited the accounts to endorse a fake cryptocurrency called FREEBANDZ, which has no affiliation with Future or his brand.
The Scam Unfolds
The cryptocurrency was created on a Solana platform known as Pump.fun. Hackers posted images of Future holding a giant coin with the cryptocurrency's name, causing its value to surge to nearly $900,000 before a dramatic crash to $20,000.
Financial Gains and Aftermath
The hackers profited significantly by selling their coins rapidly, leading to the price drop. They reportedly made around $49,000 from the scheme. The fraudulent posts have since been removed, but none of the affected celebrities have publicly addressed the incident.
A Recurring Problem
This is not an isolated incident. Other high-profile figures, including Barack Obama, Elon Musk, and even the UFC, have had their social media accounts hacked to promote similar scams.
The Pump-and-Dump Scheme
Hackers typically target well-known accounts to lend legitimacy to their fake coins. They entice people to buy, then sell their own shares, causing the price to plummet. This tactic is known as a pump-and-dump scheme.
A Warning to Investors
It is crucial for individuals to exercise caution and conduct thorough research before investing in any cryptocurrency, particularly if it is promoted through suspicious channels.
