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Metallica’s X Account Hacked: Crypto Scam Alert for 6 Million Followers!

Hackers Gain Access to Metallica’s X Account and Promote Scam Token

Imagine logging onto X (formerly Twitter) and seeing a legendary band like Metallica suddenly endorsing a new cryptocurrency. Exciting, right? Well, for millions of Metallica fans, this became a reality, albeit a fleeting and fraudulent one. This week, hackers hijacked Metallica’s official X account, sending shockwaves through the metal community and the crypto world alike. The target? To promote a scam token named $METAL. Let’s dive into how this unfolded and what you need to know to protect yourself from similar scams.

What Happened to Metallica’s X Account?

On Wednesday, Metallica’s X account, boasting a massive 6.1 million followers, fell victim to a cyberattack. Hackers successfully gained unauthorized access and swiftly began posting about a new cryptocurrency venture. Their weapon of choice? A scam token cleverly named $METAL. The posts were designed to create a buzz and lure unsuspecting fans into investing in this dubious digital asset.

Here’s a breakdown of the deceptive tactics used by the hackers:

  • False Partnerships: The hackers falsely claimed that $METAL was a legitimate project in partnership with major companies like Ticketmaster and the fintech giant, MoonPay. These names were used to lend credibility to the scam.
  • Exclusive Perks: To further entice fans, the posts promised exclusive benefits for $METAL holders. These included:
    • Discounted tickets to Metallica concerts.
    • Discounts on official Metallica merchandise.
    • Airdrops of free tickets and merchandise for lucky winners.
    • Even more outlandish, claims of Metallica-themed gaming consoles for select holders (only three were supposedly made!).
  • Appealing Language: The posts used persuasive language, emphasizing exclusivity and benefits. One post highlighted: “$METAL opens doors to executive discounts—imagine snagging 25% off ticket purchases just by using $METAL at checkout! Whether you’re at a Metallica concert or browsing the online store, $METAL seamlessly integrates into your shopping experience, powered by the reliability of Solana for effortless transactions.”
  • Technical Jargon: To appear legitimate to crypto-savvy users, the hackers mentioned technical details like the token being launched on the Solana blockchain via the pump.fun deployer.

MoonPay Responds: Calling Out the Scam

While Ticketmaster has yet to officially comment, MoonPay was quick to react and distance themselves from the scam. Keith A Grossman, President of MoonPay, took to X to issue a clear warning. In a tweet, he stated: “If someone is offering you a $METAL token, they are not the master of puppets – they’re the master of scams!”

This clever tweet, referencing Metallica’s iconic 1986 album ‘Master of Puppets,’ served as a stark reminder that the $METAL token was nothing but a fraudulent scheme. Grossman’s statement was a direct response to a now-deleted post on Metallica’s hacked account that falsely claimed: “Utilizing MoonPay, $METAL Token wants to bring wide scale adoption to the @Solana blockchain. Soon anyone will be able to buy Metal Token with credit $ debit cards worldwide.”

MoonPay Tweet on Metallica Scam

The Pump and Dump: A Classic Crypto Scam

The hackers also promoted the idea of staking $METAL, further trying to build an illusion of a legitimate cryptocurrency project. Unfortunately, many Metallica fans and crypto newcomers fell for the scam. Fueled by the band’s endorsement (albeit hijacked), $METAL’s market capitalization skyrocketed to over $3 million within just 30 minutes of its launch. This rapid surge is typical of a “pump and dump” scheme.

However, as quickly as it rose, the bubble burst. Just three hours later, $METAL’s market cap plummeted to around $90,000. This dramatic drop illustrates the volatile and risky nature of these scam tokens. Those who bought in early, hoping for quick profits based on Metallica’s name, likely suffered significant financial losses when the hackers cashed out and the token’s value crashed.

Key Takeaways and How to Stay Safe

This Metallica X account hack serves as a crucial reminder of the pervasive nature of crypto scams and the importance of online vigilance. Here are some actionable insights to help you stay safe in the digital world:

  • Verify Information: Always double-check any crypto endorsements, especially if they seem too good to be true. Official celebrity or brand endorsements are often announced through multiple channels, not just a single social media post.
  • Be Skeptical of New Tokens: Exercise extreme caution with newly launched cryptocurrencies, especially those promoted with promises of rapid gains or exclusive perks. Do thorough research before investing in any crypto project.
  • Cross-Reference Information: Check for official announcements from the companies or celebrities involved. In this case, a quick check of MoonPay’s official X account would have revealed their denial of any partnership with $METAL.
  • Beware of “Pump and Dump” Schemes: Recognize the signs of pump and dump scams – rapid price increases followed by sudden crashes. These schemes are designed to enrich the creators at the expense of later investors.
  • Secure Your Accounts: For account holders, implement strong passwords and two-factor authentication to protect your social media and crypto accounts from unauthorized access.
  • Report Suspicious Activity: If you encounter suspicious posts or accounts promoting scams, report them to the social media platform.

The Aftermath and Moving Forward

Metallica’s team acted swiftly to regain control of their X account and remove all traces of the $METAL scam. While the immediate damage may be contained, the incident highlights the ongoing battle against online scams and the need for increased awareness and cybersecurity measures. For fans and crypto enthusiasts alike, this episode is a valuable lesson in critical thinking and online safety.

In the fast-paced world of cryptocurrency and social media, scams can emerge and spread rapidly. Staying informed, being skeptical, and verifying information are your best defenses against becoming a victim. Let this Metallica X hack be a reminder to always be vigilant and think twice before investing in anything that seems too good to be true, especially in the volatile world of crypto.

Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.