Bittime - Canadian rapper Drake's X account was recently hacked and used to promote a meme coin scam that cost many of his followers money. The token being promoted was ANITA, a Solana-based coin allegedly tied to Drake's cartoon alter ego, Anita Max Wynn, which stands for "I need a max win," a reference to Drake's love of gambling.
Scam Relies on Drake's Big Name
The Drake X account hack exploited the rapper’s reputation as a gambler, claiming that ANITA was launched in partnership with popular gambling platform Stake . Interestingly, Drake does have a legitimate partnership with Stake, which makes the claim seem credible.
Also read: Best Solana and Ethereum Crypto Wallets 2024
Furthermore, Drake recently announced a tour called the “Anita Max Wynn Tour” , which led some of his followers to believe that the token was related to the tour. However, this was all part of a scam.
Huge Loss for Drake's Followers
After the fake post surfaced, more than $5 million (AU$7.8 million) in trading volume was recorded on the scam ANITA token. Many of Drake's followers were lured by the hype and immediately bought the token.
However, once they realized it was a scam, many stopped buying, but the losses continued. Eventually, the post was removed and the account used to promote the scam token was suspended.
The Increasing Trend of Fraud in the Crypto Market
Celebrity accounts being hacked to promote meme coin scams is nothing new. Other celebrities, including Usher, Wiz Khalifa, and Dean Norris , have also fallen victim to similar hacks. These scams have become increasingly prevalent as interest in cryptocurrency surges. Scammers are using celebrity fame to lure in unsuspecting followers.
Also read: Top 5 Trending Solana Memecoins: BARSIK and PNUT Included
The Importance of Research Before Investing
This case is a reminder that investing in meme coins, especially those promoted by celebrities, requires extra caution. Don't just be tempted by popularity or hype on social media. Crypto investments do offer potential profits, but they also carry high risks. Before buying, make sure the project has a solid foundation and is not just following a trend.
Conclusion
The hacking of X Drake's account to promote ANITA is a prime example of how easy it is for scammers to exploit popularity to profit from the unwary. For those of you who want to dive into the crypto world, remember to always do your research first. Don't lose money just because you follow the hype. Be careful and make sure your investment has a solid foundation to avoid fraud.
Solana FAQs
What is Solana?
Solana is a fast and cheap blockchain that uses Proof of History (PoH) and Proof of Stake (PoS) consensus mechanisms to process thousands of transactions per second at low fees.
What sets Solana apart from other blockchains?
Solana is faster and cheaper than Bitcoin and Ethereum. It can process over 65,000 transactions per second at much lower fees.
Is Solana safe to use?
Overall it is safe, but Solana has experienced some attacks and downtime. It is still worth staying up to date to minimize the risk.
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Reference
McDonald, Jody, Drake’s X Hacked in Meme Coin Scam, Followers Duped in $5M Trading Frenzy, accessed December 16, 2024.
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