On November 3, news surfaced that Wiz Khalifa's account on X was hacked to advertise a fraudulent cryptocurrency.
The promotional posts claimed that the rapper had been working with his team to introduce a memecoin called WIZ.
This token was launched on pump.fun, and within just 15 minutes, its market valuation skyrocketed to $3.4 million. However, this number soon dropped to less than $28,000 as early investors dumped their holdings.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
What Are Crypto Rollups? ZKSnarks vs Optimistic Rollups (ANIMATED)
Data from Solscan reveals that the top two wallets purchased over 155 million WIZ tokens at launch for $19,100 and later sold them for a combined profit of $160,000.
Blockchain investigator ZachXBT suggested that the scammer responsible for this breach is the same person who hacked the X account of Andy Ayrey, the creator of Terminal of Truths, on October 29. He warned:
Do not buy the Wiz Khalifa Pump Fun.
The promotional posts have since been deleted. There has been no official statement confirming whether Wiz Khalifa has regained control of his account.
Overall, it's evident that social media accounts with a large following remain targeted by cybercriminals exploiting the cryptocurrency market.
In other news, a fake "LEGO Coin" token promotion appeared on LEGO's homepage after a security breach on October 5, directing users to a phishing site.
