‘Buy $DOJA or else…’ Doja Cat’s X account hacked; investors lose $1.6M

  • Doja Cat’s X account was hacked, resulting in the promotion of scam token $DOJA. 
  • The scam token surged to a $1.65 million market cap before collapsing to $16,820.

As a seasoned crypto investor with a keen interest in memecoins and celebrity culture, I’m deeply concerned about the recent incident involving Doja Cat’s hacked account that promoted the fraudulent token $DOJA. This event serves as a stark reminder of the risks associated with investing in such tokens, especially those inspired by celebrities.

I was taken aback when news broke that Doja Cat’s social media accounts seemed to have been compromised, with the renowned rapper inadvertently endorsing a questionable cryptocurrency investment opportunity. The sudden turn of events left me feeling uneasy and cautious as a responsible crypto investor.

The malevolent action is said to have caused investor losses totaling over $1.6 million, bringing attention to the risks associated with the surge of memcoins inspired by celebrities.

The hack explained

I came across some intriguing news on my feed on the 8th of July. The renowned celebrity gossip account, Daily Trends, announced an occurrence that piqued my interest as a crypto investor.

According to the post, Doja Cat’s X (previously known as Twitter) account shared an image. In this image, Doja Cat is depicted wearing armor and brandishing a sword. The Solana [SOL] cryptocurrency contract address is also included in the post. The caption accompanying the photo reads, [….]

‘Buy $DOJA or else…’ Doja Cat’s X account hacked; investors lose $1.6M

I’m sorry for the disappointment, but the post containing that criticism towards Iggy Azalea’s new celebrity meme token, MOTHER, has been removed. The original text took a dig at the rapper’s latest crypto venture.

Azalea seemed unfazed by the situation when it became clear that the post wasn’t authored by Doja Cat. She acknowledged this fact and expressed her sentiment accordingly.

“Get rugged if yall want but I’m cool w that girl irl so yall f**ked up w that tweet hackers.” 

Impact of the scam

As a researcher studying the stock market trends, I can’t help but note that following the widespread popularity of the recent post, DOJA’s market capitalization swiftly escalated to an impressive $1.65 million figure.

Upon discovery of the scam, the market value dropped dramatically to $16,820, leading to over $1.63 million in losses for investors.

Further confirming the matter, Doja Cat herself clarified, 

“That wasn’t really me you interacted with. I assure you, it was another person masquerading as me.”

Some X users expressed concern on the matter, as @hardtingz admitted, 

“i’m crying cause the way they were tweeting, i literally thought that was herself.” 

Not the first time!

As a crypto investor, I’ve come across my fair share of scams in the digital asset world. The latest one that caught my attention was the unfortunate incident involving Metallica’s official X account. They too were targeted by scammers promoting a bogus SOL token under the ticker METAL. It’s a stark reminder that we all need to stay vigilant and double-check any investment opportunities before jumping in.

As a researcher examining this situation, I would express it as follows: I discovered that Hulkamania, represented by [HULK], underwent a substantial $15 million reduction in market value due to the identical cause.

Therefore, Vitalik Buterin, a co-founder of Ethereum [ETH], eloquently pointed out the potential dangers that come with the rise of celebrity memecoins.

“I understand the concept of using finance as a tool, and I can agree with that approach if the ultimate goal is commendable, such as healthcare, open source software, or art.”

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2024-07-10 13:12