Last weekend, the crypto community saw suspicious behavior from several X accounts. Crypto figures and celebrities were suspected of being hacked after some unusual posts promoting memecoins.
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Among celebrities, Olympian and reality TV star Caitlyn Jenner saw a turbulent launch of her JENNER token following rumors of hacking and back-exit scams. Despite the confusing start, the memecoin has risen 50,000% since its launch.
Memecoins Sunday is launched
On Sunday, the crypto community was on edge after a series of questionable posts were shared on several X accounts. First, crypto trader GCR’s account was compromised. The hacker shared two posts promoting tokens, but the community quickly discovered that the posts were unauthorized.
Later in the afternoon, rapper Rich the Kid and Olympic athlete Caitlyn Jenner shared links to Pump.fun to promote two memecoins, RICH and JENNER. The media personality shared a photo with former US President Donald Trump and the text “Make America Great Again” next to the link to the token.
In both cases, the community suspected another security breach. Nevertheless, Jenner claimed that the token was not a scam and continued to promote it on her X and Instagram accounts.
Jenner’s manager, Sophia Hutchins, also posted a video explaining that the token and posts were real. Despite the clarification, the community remained cautious as deepfake videos have become more popular among scammers.
However, there was some suspicious behavior during the launch, as it turned out.
The gold medalist of fraud?
As the hours passed, crypto investors began investigating Jenner’s token. According to community member CryptoRoxo, the The team of TV stars was “socially designed by a man named Sahil.”
According to her position, Sahil Arora was the “middleman” responsible for launching the memecoins and advising Jenner’s team on crypto. After launch, Arora had apparently “dumped all tokens from the implementer wallet, and he had made further cuts on burner wallets.”
Additionally, he asked Jenner’s team to share a post asking the public to send him tokens. As Roxo reported, the lack of knowledge about crypto allowed Arora to dupe several teams of celebrities and influencers over the past week.
At the time of writing, Rich The Kid has deleted all posts related to the token and “called out” Arora and Caitlyn Jenner for scamming people. Furthermore, he claims to be working on the launch of his token, which is unrelated to RICH and Arora.
Stay up to date with Jenner Token
X user 0xPonga compiled the tumultuous price movement of the JENNER token during its launch.
According to the post, despite initial concerns, JENNER reached an initial market cap of $2 million. After Arora’s sell-out, the community heightened their suspicions about the scam. However, Hutchins’ video seemingly increased the market cap to $8 million.
The token’s price fell following the deepfake accusations, but its market cap recovered above $20 million after Hutchins addressed the comments in an X Space. Jenner’s manager later hinted at the launch of a new token, causing JENNER’s price to plummet to a market cap of $6 million.
One community member expressed disbelief in Jenner’s willing participation in the pump-and-dump scam. He claimed“I refuse to accept that Caitlin is stupid enough to think that the few thousand dollars she made from this are worth the millions in fines/prison.”
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At the time of writing, Jenner’s alleged post requesting tokens appears to have been deleted. The Olympian has continued to promote her token, which will be listed on the MEXC crypto exchange next Monday.
JENNER’s market cap is $26.79 million and has a daily trading volume of $191.8 million. The memecoin has risen 51,000% after rising from $0.00006 to $0.0392 in the past 17 hours.
Featured image from Pexels.com, chart from TradingView.com