On October 8, 2024, Cardi B lost control of her official X account (formerly Twitter) when hackers used it to promote a memecoin called WAP. This incident was highlighted by blockchain security firm PeckShield, raising significant concerns about account security on social media.
In response to Cardi B’s two fraudulent posts, PeckShield warned users not to interact with the links or addresses shared, as they are likely scams.
Hard pill to swallow. What’s next?
The WAP token, presumably named after Cardi B’s recent song, appeared along with a dedicated homepage and social media accounts. The compromised account posted a video that claimed to show the rapper endorsing the token.
However, these posts remained visible for several hours, raising questions about how quickly X can respond to such security breaches.
Why Are Celebrities Getting Hacked?
This hack is part of a growing trend where celebrities’ social media accounts are being exploited to scam people into investing in fake cryptocurrency ventures. Many public figures have been linked to dubious tokens, causing concern about the reliability of celebrity endorsements in the crypto space.
In late 2023 and early 2024, several high-profile promoters of meme coins, including Caitlyn Jenner, faced accusations of being involved in pump-and-dump scandals. Recently, crypto investigator ZachXBT criticized influencer Ansem for participating in a similar scheme and promoting low-value cryptocurrencies.
Cardi B and WAP Token: Is There a Link?
As of now, there is no official statement confirming whether Cardi B endorses the WAP token. At the time of writing, the token’s value is $0.0002015, giving it a market capitalization of $21 million. However, its legitimacy remains questionable, as many celebrities have previously endorsed fraudulent crypto initiatives, often for their own benefit.
Stay vigilant: Celebrity endorsements aren’t always what they seem.
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