Traders have lost millions after soccer icon Kylian Mbappé’s social media account was hacked on August 29, promoting a fraudulent cryptocurrency scheme. The hacker used Mbappé’s account to endorse a fake token, “MBAPPE,” promising to double any funds sent to a specific address. This led to a surge in the token’s market cap to a staggering $460 million, only for it to crash below $100,000 shortly after.
One trader reportedly lost over $1 million by purchasing the fake token with Solana, turning his investment into a mere $9,200 within an hour. On-chain data from Lookonchain confirms the devastating loss: “Someone spent 7,156 SOL ($1.03M) to buy the $MBAPPE token in a single transaction, which is now only worth $9.2K.”
This incident is the latest in a series of high-profile scams involving celebrity-endorsed cryptocurrencies. Earlier this month, the TrumpCoin (DJT) memecoin plummeted 95% amid a wider crypto market downturn.
While many traders suffered significant losses, some managed to profit from the scam. A savvy trader turned $28 into nearly $124,000 by capitalizing on the token’s brief surge before its collapse. This trader cashed out just in time, escaping with $126,000 worth of Solana, according to Coinstats data.
The fraudulent endorsement has since been removed from Mbappé’s account, but not before causing widespread damage. Leading crypto exchange Crypto.com issued a warning to its users, urging them not to fall for the scam.
The incident serves as a stark reminder of the dangers lurking in the crypto space, even when endorsements come from high-profile figures.