Hacked Account Drives Altcoin Surge, Resulting in Huge Gains and Losses
29.08.2024 17:30 1 min. read Alexander Stefanov
Kylian Mbappe's X account was recently hacked, and the attacker used it to promote an altcoin called MBAPPE.
The posts about this token quickly generated significant excitement, causing its value to skyrocket to tens of millions of dollars within minutes before plummeting just as rapidly.
According to Lookonchain, an investor bought MBAPPE for 0.2 SOL (about $29) and sold it just three minutes later, netting a profit of $200,000. This transaction yielded an extraordinary return of 4,330 times the initial investment.
The investor, who has traded numerous MEMEcoins recently, achieved a total profit of $126,700 with a 35.46% profit rate, despite typically investing small amounts in each coin.
However, not all investors were as fortunate. Another individual invested over $1 million, or 7,000 SOL, into MBAPPE. When the token’s price crashed, the value of their holdings fell to just $9,000, resulting in a loss exceeding $1 million within an hour.
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