Shocking case of investor: fake Mbappé tokens cost him one million dollars
A Shocking Case of an Investor Losing Over One Million Dollars on Fake Mbappé Tokens
An unknown investor fell victim to a scam involving fake cryptocurrencies using celebrities’ images. In one transaction, they lost over one million dollars by investing in a fake Kylian Mbappé token.
The Scam Unfolds Rapidly
The whole incident unfolded at a rapid pace. The investor spent over 1 million dollars worth of Solana SOL tokens to purchase a fake token called #MEMEcoin named MBAPPE. During this transaction, tokens worth 7,156 SOL (1.03 million USD) were purchased. Currently, the purchased token is valued at a mere 9,200 USD, resulting in a significant financial loss for the investor.
Alarming Examples of Frauds
Events related to fake cryptocurrencies utilizing the images of well-known personalities are not unheard of. Previously, at the end of August, the cryptocurrency TrumpCoin (DJT) featuring President Trump’s image lost a staggering 95% of its value. The market value of cryptocurrencies with celebrities’ images is volatile and uncertain, carrying a high risk of losing invested funds.
Warnings about Scams
Some of the largest cryptocurrency companies, such as Crypto.com exchange, have issued warnings about such scams. Investors should exercise utmost vigilance and caution when investing in cryptocurrencies, especially those associated with popular figures.
Despite the MBAPPE token turning out to be a fraud, some investors managed to profit from it. An anonymous investor cleverly invested in the fake token with a market capitalization of 80,000 USD and sold it after its price surged, resulting in a profit of nearly 124,000 USD.
Summary
The case of an investor losing over one million dollars on fake Mbappé tokens serves as one of many warnings for cryptocurrency investors. Frauds related to cryptocurrencies using popular images are a reality of the market that can lead to substantial financial losses. It is always essential to maintain common sense and caution when investing in an environment dominated by speculation and risk.
