Overview

More than $500 million was reportedly lost in memecoin rug pulls and scams throughout 2024, according to a study by the crypto intelligence firm Merkle Science.

Key Findings

• The prevalent method of scamming involved social engineering, where hackers exploit personal data accesses, often targeting celebrities and public figures.
• 75% of these scams occurred on X, while 19% happened on YouTube.

Notable Cases

One prominent incident involved hacking the X account of Kylian Mbappe, resulting in a nefarious memecoin that peaked at a $460 million market cap before being rug-pulled.

Another case targeted music artist Wiz Khalifa, whose account was used to promote a counterfeit WIZ token, escalating to $3.4 million before crashing.

Robert Whitaker stated, “These scams are highly coordinated operations that exploit trust at scale. Hackers are no longer just breaching wallets or exchanges; they’re hijacking the credibility of celebrities and industry leaders to manipulate markets in real time.”

With scams of this nature on the rise, it’s crucial to remain vigilant against misleading promotions and ensure secure online practices.