Metallica, a heavy metal band, recently made headlines in the industry after its X account was compromised in a recent crypto scam
The perpetrators utilized Metallica’s X account to promote a fabricated meme coin based on Solana that featured the METAL ticker.
The asset was being promoted as a “dynamic new token.” According to the account with 6.1 million followers, Ticketmaster collaborated with them to develop the token.
However, Ticketmaster did not issue any such announcement. Nevertheless, the asset was deployed on the pump. Fun is a token deployer that was constructed on Solana.
The post on Metallica’s compromised account also indicated that MoonPay was included in the token.
However, the community gained a more comprehensive comprehension of the situation after MoonPay president Keith Grossman declared, “MoonPay does NOT support METAL.”
The company also encouraged the community to remain vigilant and tweeted, “If someone is offering you a $METAL token, they are not the master of puppets – they are the master of scams!!!” Maintain the security of your keys and ride the lightning with caution!
The Ascension and Decline of METAL
The entire ruse persisted for ninety minutes, and the post was promptly removed. However, the METAL token was experiencing significant growth.
Before experiencing a decline, the asset generated a trading volume exceeding $10 million.
The asset’s market value peaked at $3.37 million within 20 minutes of its inception. However, it plummeted to a low of $90,000 within three hours.
Like this one, Metallica is not the sole entity that has been subject to cryptocurrency-related fraud. Over the past month, Hulk Hogan, a professional wrestler, and rapper 50 Cent were also the victims of similar breaches.
