MoonPay Warns Against Solana Meme Coin Scam Using $METAL Token

• The heavy metal band Metallica’s Twitter account was recently compromised to promote a fake Solana meme coin.
• Within 90 minutes, tweets related to the scam were removed, but not before generating $10 million in trading volume.
• MoonPay and Ticketmaster were falsely cited as collaborators to lend credibility to the fraud.

This article discusses the recent hacking incident involving Metallica’s Twitter account being exploited to pump a fraudulent Solana meme coin and its subsequent market impact.

Metallica’s Twitter Compromised to Promote Scam Token METAL

Metallica’s social media account was recently hijacked and used to promote a fraudulent cryptocurrency token called METAL on the Solana blockchain. The tweets, purportedly from the band, misleadingly claimed collaborations with respected entities such as MoonPay and Ticketmaster. Consequently, the token saw a massive, albeit brief, surge in trading volume, accumulating over $10 million in less than 90 minutes before crashing dramatically as the scam was exposed.

Market Impact and Community Reaction

Despite the quick debunking of the scam, the METAL token experienced substantial trading activity, with more than 30,000 transactions recorded. Its price peaked at $0.003 before plummeting to under $0.00007. The swift market collapse highlighted the volatility and risks associated with fraudulent digital assets. Prominent figures in the crypto space, including MoonPay President Keith Grossman, quickly addressed the issue, asserting that METAL was not supported on their platform. Grossman’s tweets were met with direct rebuttals from the scammers, further fueling the urgency for clarity and caution among investors.

Celebrity Scams: A Growing Concern

This incident is part of a troubling trend where celebrity accounts are exploited for pump-and-dump schemes. Prior instances include similar frauds involving the followers of rapper 50 Cent and legendary wrestler Hulk Hogan. Such high-profile hacks underscore the need for improved security measures on social media platforms and greater vigilance by users.

Security Measures and User Awareness

The frequency of these scams emphasizes the importance of enhanced security protocols and user education. Crypto platforms and celebrity managers must adopt robust safeguards to mitigate the risk of account takeovers. Users should also be wary of offers that seem too good to be true and should verify the legitimacy of such claims through multiple credible sources.

Conclusion

The hacking of Metallica’s Twitter account to promote the fake METAL token serves as a stark reminder of the pervasive risks in the cryptocurrency space. The swift action by MoonPay and others to debunk the scam was crucial in limiting its impact. However, the incident highlights the need for continuous vigilance, enhanced security measures, and broader community awareness to safeguard against such fraudulent schemes in the future.