A recent surge in celebrity account hacks on X (formerly Twitter) has seen hackers exploit high-profile profiles to promote meme coins, causing notable market fluctuations. On May 26, 2024, crypto investor GCR warned followers about a hack on his account.
Hackers used GCR’s account to promote tokens like ORDI and Luna2.0, causing their prices to surge by 6% and 270%, respectively. Analyst Udi Wertheimer revealed this is part of a larger operation targeting celebrities, including American rapper Rich The Kid, whose account was used to promote the RICH token.
The market capitalization of meme coins jumped 10%, reaching $58 billion. This underscores the volatility and growing influence of meme coins in the crypto market.
The wave of hacks highlights the need for better security and vigilance in the crypto community to combat such exploits effectively.
