X Account of Cardi B Promotes A Memecoin Amid Concerns on Legitimacy
The X account of American rapper Cardi B was found promoting a shady meme coin, the WAP token. The account posted a video about the meme coin, highlighting a link for potential investors to engage with.
However, on-chain security company PeckShield raised concerns regarding the legitimacy of the meme token. PeckShield believes the hip-hop star's account could be compromised and warns against interaction with links in the video.
X Account of Card B Promotes A Meme Coin, A Potential CompromiseThe Grammy-award winner and American rapper Belcalis Cephus, popularly known as Cardi B, is the latest celebrity to witness an X account compromise.
The hip-hop star's X account highlighted a promotional video for meme coin, the WAP token. However, the advert failed to garner massive support from fans and the public as many considered it a potential compromise of Cardi B's account.
Her name is $WAP
CA:Bz7vVzQhm2KMW1XgcrDruYega1MiwrAs1DQysrx4tFkp pic.twitter.com/BDvJqeqh0u- Cardi B (@iamcardib) October 7, 2024
Prominent blockchain analytics and security firm PeckShield was the first to report the incident on the account. The company alerted that hack on the rapper's account and warned against interaction with any link on the post.
#PeckShieldAlert Cardi B's X account @iamcardib seems to be compromised. Be cautious when interacting with any address/link in the post. pic.twitter.com/dL3NNhSL6K
- PeckShieldAlert (@PeckShieldAlert) October 8, 2024
PeckShield stated: Cardi B's X account seems to be compromised. Be cautious when interacting with any address/link in the post."
Cardi B's hit song with Megan Thee Stallion inspired the emergence of this cat-themed meme token.
The WAP token, along with its website and official X account, launched on Monday, October 7. On the same day, the project posted a video on its X handle showing the rapper's engagement with the WAP token.
Moreover, Cardi B's promotion responded to another rapper, Iggy Azalea's claim that WAP was a scam. Meanwhile, Azalea launched her meme coin, MOTHER, on May 28, 2024.
Amid concerns of a possible hack of Cardi B's account, the WAP token post remained on the page even after over eight hours of posting.
Meanwhile, some people still believe the post is genuine, pointing out the rapper's other social media accounts with normal posts. Also, the WAP token promotional video indicates a professional plan and execution of the project by the hip-hop star's team.
The meme token reflects a robust stance amid its short period of launch. According to data from Dexscreener, WAP boasts a market cap of $23.98 million. Also, the token's price has skyrocketed by over 787%, with over $14 million in trade volume.
The industry has recorded several cases of rug pulls and scams associated with celebrities and their meme tokens. This explains why many celebrity-backed meme coins that emerged this year have yet to record significant growth after their initial hype.
Within the past few years, some crypto projects with celebrities' endorsements have seen developers abandon them and drain users' funds. The collapse of such projects damages celebrities' reputations, as they face fraud charges as founders and key supporters.
In 2017, celebrities like DJ Khaled and boxers Floyd Mayweather and Manny Pacquiao endorsed Centra Tech's ICO. However, the crypto payment solution collapsed, exposing the celebrities to charges.
In June, the X platform banned Sahil Arora, a celebrity memecoin promoter. This move followed an accusation from Caitlyn Jenner of orchestrating pump and dump" schemes on her meme coin.
Sahil Arora Banned from X for Memecoin Scam
Sahil Arora (@Habibi_Comm), a celebrity memecoin promoter, was banned from X after being accused by Caitlyn Jenner and Iggy Azalea of running "pump and dump" schemes. Jenner claimed Arora launched a token on her behalf, then sold off... pic.twitter.com/5cwlndUblw
- VERITAS PROTOCOL (@veritas_web3) June 4, 2024
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