In a brazen crypto scam targeting major celebrities, the official Instagram accounts of Adele, Future, Tyla, and the late Michael Jackson were hijacked late Thursday. Hackers leveraged these globally recognized names to promote a Solana-based meme coin called “FREEBANDZ,” deceiving thousands and resulting in rapid market manipulation. The scam not only inflated the coin’s value but also caused a dramatic collapse, highlighting urgent security issues within both social media and the crypto sector.
Celebrity accounts hijacked fuel widespread crypto scam
High-profile Instagram accounts, including those of Adele, Future, and Michael Jackson, were compromised to lend legitimacy to the scam. The hackers posted AI-generated images and promotional messages about the allegedly lucrative FREEBANDZ token. Despite sharing a name with Future’s record label and apparel line, the meme coin had no genuine affiliation with any of these artists. Within hours of the posts, the scam drew considerable attention—and money—into the Solana meme coin market.
Pump-and-dump scheme on Solana: How the scam unfolded
Once the hype peaked, the perpetrator executed a classic pump-and-dump scheme—a method notorious within the crypto scam world. After using Instagram to spark “fear of missing out,” the hacker dumped approximately 70% of the FREEBANDZ token’s supply in a single transaction. This move sent the market cap, which briefly spiked to nearly $900,000, plummeting almost instantly and reaped an illicit profit of roughly $49,000 for the scammer. The event underscores how Solana’s open-access launchpads, such as Pump.fun, can be exploited by bad actors.
Instagram security at stake in crypto scam surge
This incident shines a spotlight on Instagram’s role as a favorite hunting ground for crypto scams. By targeting accounts with millions of followers, scammers can quickly amplify fraudulent messages and lure unsuspecting investors. The absence of immediate public statements from Adele, Future, or Michael Jackson about the compromised accounts illustrates the challenges both celebrities and platforms face in quickly addressing such breaches. It’s another stark reminder that enhanced two-factor authentication and vigilant account monitoring are non-negotiable in today’s digital age.
The broader impact: Not just another meme coin scam
Crypto scams that exploit celebrity accounts are unfortunately nothing new. From high-profile hacks involving UFC, Barack Obama, and Elon Musk, the pattern shows no sign of slowing. What sets this event apart is the speed and scale—leveraging the combined global reach of stars like Adele and Michael Jackson, with the hype of a trending meme coin on Solana, allowed the scam to snowball within hours. It’s a cautionary tale for investors, reminding everyone to verify token legitimacy and avoid relying solely on celebrity-driven crypto endorsements.
Keeping safe: How to spot and avoid the next crypto scam
To defend against the next crypto scam, users must stay skeptical of sudden, high-visibility promotions, even when they seem to originate from trusted sources like Adele or Future. Always research tokens before buying in—especially new meme coins associated with pump-and-dump schemes. On Instagram and other platforms, double-check URLs, account authenticity, and never connect wallets to links from suspicious posts. Awareness is still the best defense against the evolving strategies of scammers.
Frequently asked questions about crypto scams (FAQ)
What is a pump-and-dump scheme in crypto?
A pump-and-dump scheme is a type of crypto scam where the price of a coin is artificially inflated (“pumped”) through misleading promotions, after which the scammers sell their holdings (“dump”), causing the price—and investors’ funds—to crash.
How did hackers access Adele’s, Future’s, and Michael Jackson’s Instagram accounts?
The exact method remains unclear, but hackers often use phishing, stolen credentials, or weak security to gain control over high-profile social media accounts.
What should I do if I see a celebrity promoting a crypto token?
Approach all such promotions with extreme caution. Research the token independently, check for official endorsements, and avoid clicking unknown links or connecting your crypto wallet.
Why are Solana launchpads like Pump.fun popular among scammers?
Solana’s launchpads allow for quick, easy creation and listing of new tokens. While this encourages innovation, it also enables scammers to set up fraudulent meme coins rapidly.
What steps can protect my social media accounts from being hijacked in a crypto scam?
Enable two-factor authentication, use strong passwords, monitor for suspicious activity, and avoid sharing sensitive information or clicking unknown links.
Sources to this article
- [defidonkey.com editorial research]
- The Verge. (2024). “Celebrity Instagram accounts hacked in Solana meme coin scam.” Retrieved from https://www.theverge.com/2024/06/14/crypto-celebrity-instagram-hack
- CoinDesk. (2024). “Pump.fun exploited to promote scam meme coin via hacked celebrity accounts.” Retrieved from https://coindesk.com/2024/06/14/solana-pump-fun-celebrity-instagram-hack
- Financial Times. (2024). “Crypto scams harness celebrity accounts for Solana meme coins.” Retrieved from https://ft.com/2024/06/14/celebrity-crypto-scam-solana
