Celebrity Instagram Accounts Hacked to Promote Fake Solana Meme Coin, $900K Market Cap Crashes 98%
Scammers have been hijacking celebrity Instagram accounts to promote fraudulent crypto tokens, exploiting the market boom. Recently, accounts of musicians like Adele, Tyla, Future, and the late Michael Jackson were compromised to promote a Solana meme coin called FREEBANDZ, linked to Future’s brand. Using AI-generated images, the hackers lured victims and walked away with over 250 SOL ($49,000). The token briefly reached a $900K market cap before a 98% crash following a large sell-off by the scammers. Similar attacks have targeted UFC, “Chill Guy,” and high-profile accounts like Barack Obama and Elon Musk, using pump-and-dump tactics to boost fake token legitimacy and then drain investor funds. These incidents highlight the rising trend of social media-based crypto scams.