Scammers exploit trust by impersonating celebrities on platforms like X (formerly Twitter) and YouTube to promote fake memecoins, resulting in significant financial losses. Social engineering tactics are increasingly used in these coordinated attacks, with hackers capitalizing on the credibility of high-profile individuals.
The most popular method for scamming investors involved social engineering, with hackers often promoting rug pulls after gaining access to a celebrity's social media account.More than $500 million was lost to memecoin rug pulls and scams in 2024, according to a report by crypto intelligence platform
One of these cases saw scammers compromise French footballer Kylian Mbappe's X account. Once they gained access, a link was posted to a nefarious memecoin which rose to a $460 million market cap before being rug pulled. "These scams aren’t just opportunistic—they’re highly coordinated operations that exploit trust at scale," Robert Whitaker, director of law enforcement affairs at Merkle Science told CoinDesk.
SOCIAL ENGINEERING SCAMS MEMECOINS RUG PULLS CELEBRITIES
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