Over the weekend, the cryptocurrency community observed suspicious behavior from several X accounts. Cryptocurrencies and celebrities were suspected of being hacked after several unusual posts promoting memecoins.
Among celebrities, Olympian and reality star Caitlyn Jenner witnessed a tumultuous launch of her JENNER token amid rumors of hacking and comeback scams. Despite a confusing start, the price of memecoin has increased by 50,000% since its launch.
Memecoin Sunday begins
On Sunday, the cryptocurrency community was left in shock after a series of questionable posts were shared on various X accounts. First, cryptocurrency investor GCR’s account was compromised. The hacker shared two posts promoting tokens, but the community quickly realized that they were unauthorized.
Later in the afternoon, rapper Wealthy the Kid and Olympian Caitlyn Jenner shared links to Pump.fun promoting two memecoins, RICH and JENNER. Media personality common a photo with former US President Donald Trump and the text “Make America Great Again” along with a link to the token.
In both cases, the community suspected another security breach. Nevertheless, Jenner claimed that the token was not a scam and continued to promote it on her X and Instagram accounts.
Jenner’s manager, Sophia Hutchins, also posted a video explaining that the token and posts are real. Despite the clarification, the community remained cautious as phony videos became increasingly popular among scammers.
However, as it later emerged, there was suspicious behavior during takeoff.
Fraud gold medalist?
As the hours passed, cryptocurrency investors began to investigate Jenner’s token. According to a CryptoRoxo community member, TV star band was “socially designed by a guy called Sahil.”
According to her post, Sahil Arora was the “intermediary” responsible for bringing Memecoin to market and advising Jenner’s team on cryptocurrencies. After launch, Arora apparently “dumped all tokens from the deployer wallet and shot more at burner wallets.”
Moreover, he asked Jenner’s team to share a post asking the public to send him tokens. As Roxo reports, Arora’s lack of knowledge about cryptography allowed him to defraud several teams of celebrities and influencers last week.
As of this writing, Wealthy The Kid has deleted all posts related to the token and “condemned” Arora and Caitlyn Jenner for scamming people. Additionally, it claims that it is working on launching its own token that is not associated with RICH and Arora.
Stay up to date with Jenner Token
User X 0xPong compiled turbulent price movement of the JENNER token during the launch.
According to the post, despite initial concerns, JENNER achieved an initial market capitalization of $2 million. After Arora’s sale, the community strengthened its suspicions about fraud. However, Hutchins’ film apparently raised its market cap to $8 million.
The token’s price fell following deepfake accusations, but its market capitalization rose above $20 million after Hutchins addressed comments on X Space. Jenner’s manager later mentioned the launch of a novel token, which caused JENNER’s price to drop to a market capitalization of $6 million.
A community member expressed his disbelief at Jenner’s willing participation in the pump-and-dump scam. He he stated“I don’t agree that Caitlin is stupid enough to think that the few thousand dollars she made from this is worth millions in fines/jail.”
As of this writing, Jenner’s alleged post asking for tokens has been deleted. The Olympic athlete continues to promote her token, which will be listed on the MEXC cryptocurrency exchange next Monday.
JENNER’s market capitalization is $26.79 million with a daily trading volume of $191.8 million. The price of memecoin is up 51,000% after rising from $0.00006 to $0.0392 in the last 17 hours.
Featured image from Pexels.com, chart from TradingView.com
