TLDR
- On July 8, reports emerged that rapper Doja Cat's social media presence on platform X, previously known as Twitter, was compromised.
- The breached account was manipulated to advertise a meme coin based on Solana, aptly named 'Doja Cat (DOJA),' by the hacker.
- Before inevitably collapsing to a mere $16,820, the fraudulent token had swelled to a market valuation of $1.65 million.
- Due to this exploitative scheme, investors collectively incurred financial losses exceeding $1.63 million.
- Using Instagram, Doja Cat firmly stated she had no connection to the hack, labeling the perpetrator as 'an imposter.'
Following a July 8 breach of her X account, Doja Cat found her name tied to a Solana meme cryptocurrency scam, duping many investors.
Doja Cat's account was hijacked to publish threats encouraging her followers to purchase $DOJA, featuring an image depicting her in armor with a drawn sword.
The hacker's post provided a Solana contract address linked to the 'Doja Cat (DOJA)' coin. Moreover, the intruder used her account to insult fellow artist Iggy Azalea, who rolled out her memecoin called MOTHER.
The scam coin saw an explosive rise in value immediately after the deceitful promotion began.
According to data from DEXScreener Reaching its zenith, the market worth of the coin surged to $1.65 million shortly after it was unveiled, with the price per token climbing to $0.001656 in the initial launch hour. Yet, just as swiftly, its value diminished.
In mere hours, the currency's worth plummeted to $0.00001682, reducing its market cap to $16,820 only. This abrupt boom and bust scenario resulted in investor estimates of over $1.63 million in losses.
Doja Cat quickly addressed the controversy, using Instagram to assure her 24 million followers that she wasn't behind those X posts. Her video message fervently emphasized, 'This isn't me! Just an imposter!' and she cautioned her fans against the deceitful content.
The hacking incident highlights a worrying pattern within the cryptocurrency sector, where celebrity profiles face exploitation to push pump-and-dump tactics.
Similarly executed breaches have recently hit notable personalities like Sydney Sweeney, Hulk Hogan, 50 Cent, and Metallica. In each situation, pirated profiles advertised Solana-based meme tokens, generally bringing considerable monetary harm to unwary investors.
The increasing number of meme coins linked to celebrities, be they authentic or scams, is drawing legal expert scrutiny.
Many speculate that these tokens are vulnerable to class-action lawsuits and regulatory actions from the U.S. Securities and Exchange Commission (SEC). The inherently volatile nature of these coins is apparent from their typical downward trajectory of 90% or more within hours of celebrity endorsements.
Iggy Azalea, whose own MOTHER coin after mentioning in hacked posts, responded on X, commenting, 'Go ahead and get duped, but I stand by that girl in real life, so done messed up, hacker.' This reaction underscores the intricate ties among celebrities in the burgeoning world of tailor-made cryptocurrencies.
