Kate Jenner released the Jenner token nearly a month ago, and the frenzy of celebrity meme coins continues. This time, the iconic heavy metal band Metallica has joined the list of public figures associated with the Solana token. However, the band’s involvement in the cryptocurrency industry is another X account hacker attack against investors.
Based on Solana’s METAL takeover of cryptocurrency
The iconic heavy metal band Metallica recently announced a collaboration with the popular video game Fortnite. This collaboration seems to be aimed at bringing the band’s music to new music enthusiasts.
However, Metallica’s X account “joining” the failure of another community “attempt” has overshadowed this announcement. On Tuesday night, the account shared a post offering fans a token based on Solana.
The post announced the launch of METAL, described as a “dynamic new token on the Solana blockchain that will change the way you experience events and shop online.” Unlike other celebrity meme coin scams, this token offered practicality from the start. Users purchasing concert tickets with METAL will receive an exclusive 25% discount from Ticketmaster. Metal holders will also have the opportunity to win free tickets through an “exclusive airdrop.”
The “X Mail” announced three “rare metal tokens Xbox Series X game consoles” signed for token holders. Additionally, it promised that METAL tokens would be “seamlessly integrated into your shopping experience, powered by Solana’s reliability, allowing for easy transactions.”
Solana (SOL) traded at $139 in the three-day chart. Source: SOLUSDT on TradingView
Token Master or Puppet Master?
Metallica’s fans and cryptocurrency investors quickly became wary of these posts. Users began to debate whether the announcements were fake and if the account had been hacked. One X user stated that the band would not “tarnish their reputation by releasing junk coins.”
Although users were initially skeptical, several fell victim to the elaborate scam. As one community member pointed out, the graphics of these posts and the posts themselves were “well done.” Attackers assured users that METAL was not a scam and that the band “would be involved for the long term.”
Hackers also claimed that the crypto payment company MoonPay was collaborating with the band. However, the company quickly denied their involvement, stating that the responsibility for the hacker attack was not the puppet master but the “scam master.”
As one X user pointed out, the market value of this Solana-based token exceeded $2 million. However, after the band regained access to the X account and deleted the promotional posts, it quickly plummeted.
Nevertheless, one investor did manage to become a token master. Online reports indicate that a trader turned a $3,380 investment into $24,600. The “lucky” investor purchased the tokens with a market value of $50,000 and sold at the peak of the scam.
As of the time of writing, the token’s trading price was $0.00002031, a 99.3% decrease from its peak of $0.00353. In addition, METAL’s market value was $20,000, a decrease of 9000%.
METAL’s performance since its launch. Source: DexScreener
