Almost a month after Caitlyn Jenner launched her JENNER token, the movie star memecoin frenzy continues. This time, iconic heavy steel band Metallica joined the checklist of public figures concerned with Solana tokens. Nonetheless, the band’s participation within the crypto business was one more X account hack focusing on traders.
Solana-Based mostly METAL Takes Over Crypto
The enduring heavy steel band Metallica just lately introduced a collaboration with the favored videogame Fortnite. The collaboration seemingly goals to carry the band’s music to a brand new demographic of music enjoyers.
Nonetheless, the announcement was eclipsed by the Metallica X account’s failed “try” to “be a part of” a unique neighborhood. On Tuesday evening, the account shared a submit providing a Solana-based token to their followers.
The submit introduced the launch of METAL, an alleged collaboration between the band and Ticketmaster. The token was described as a “dynamic new token on the Solana blockchain poised to revolutionize the way you expertise occasions and on-line purchasing.”
In contrast to different movie star memecoin scams, the token supplied utility from the get-go. Customers who used METAL to purchase live performance tickets would obtain unique Ticketmaster reductions of as much as 25%. METAL holders would additionally get the prospect to win free tickets by means of “unique airdrops.”
The X posts introduced three signed “insanely uncommon Steel Token Xbox Sequence X consoles” for the token holders. Moreover, it promised the METAL token would “seamlessly combine into your purchasing expertise, powered by the reliability of Solana for easy transactions.”
Grasp Of Tokens Or Grasp Of Nothing?
Metallica followers and crypto traders shortly turned cautious of the posts. Customers started debating whether or not the bulletins had been pretend and if the account had been hacked. One X person prompt the band wouldn’t “spoil their status by launching a shitcoin” and rugging it.
Regardless of the person’s preliminary suspicion, a number of customers fell into the meticulously deliberate rip-off. As a neighborhood member identified, the graphics for the posts, and the posts themselves, had been “fairly nicely executed.” The attackers additionally assured customers that METAL was not a rip-off and the band was “in it for the lengthy haul.”
The hacker additionally claimed that the crypto fee firm MoonPay was collaborating with the band. Nonetheless, the corporate shortly denied their involvement, stating that the answerable for the hack was not the grasp of puppets however the “grasp of scams.”
As an X person identified, the Solana-based token’s market capitalization surpassed $2 million. Nonetheless, it shortly plummeted after the band recovered entry to the X account and deleted the promotional posts.
Nonetheless, one investor managed to develop into a grasp of tokens. On-line reviews revealed {that a} dealer turned a $3.380 funding into $24,600. The “fortunate” investor purchased the tokens at a $50,000 market cap and bought on the excessive of the rip-off.
As of this writing, the token is buying and selling at $0.00002031, a 99.3% lower from its highest value of $0.003353. Moreover, METAL’s market cap is $20,000, representing a 9000% drop.
