- In a recent cyber incident, Metallica’s official X account became a target of meme coin scammers.
- The attackers hijacked Metallica’s account to promote a Solana (SOL)-based meme coin named METAL.
- The fraudulent posts were quickly identified and removed by the Metallica team on June 26.
Metallica’s official X account was compromised to promote a scam meme coin, causing a brief yet significant spike in the coin’s value.
Metallica’s Account Hijacked to Promote Meme Coin
On June 26, Metallica’s official X account fell victim to cybercriminals who utilized the platform to promote a meme coin named METAL. The attackers posted multiple messages endorsing the coin, misleading Metallica’s vast follower base. The incident underscores the persistent risks of social media hacks, particularly targeting high-profile accounts to maximize their fraudulent reach.
The Coin’s Volatile Surge and Subsequent Fall
The initial promotion caused METAL to surge by an astonishing 5,960%, reaching a peak value of $0.0033. However, this sharp rise was followed by a steep decline of approximately 98%, severely impacting investors who bought in at the peak. This volatility highlights the speculative and risky nature of meme coins, often driven by hype rather than intrinsic value.
MoonPay’s Warning Amidst the Scandal
In response to the scam, the cryptocurrency platform MoonPay issued a security alert on its official account. They cleverly referenced Metallica’s famous album with the statement, “If someone offers you METAL token, they are not the master of puppets but the master of scams.” This serves as a crucial reminder for the crypto community to remain vigilant and skeptical of too-good-to-be-true offers, especially when promoted through compromised or unofficial channels.
Conclusion
The incident involving Metallica’s X account highlights the growing danger of social media scams in the cryptocurrency space. Investors must exercise caution and conduct thorough due diligence before engaging in any crypto transactions. Ensuring the authenticity of promotional posts and relying on credible sources can help mitigate the risks associated with such fraudulent schemes. As always, the crypto community needs to remain aware and proactive in safeguarding their assets against potential cyber threats.
