11.02.2025 15:03
In 2024, cryptocurrency scams cost investors dearly. According to research conducted by Merkle Science, over $500 million in losses were incurred as a result of social engineering activities targeting high-profile accounts.
2024 was recorded as an unforgettable year in the world of cryptocurrency. Social engineering scams conducted through the social media accounts of celebrities led investors to a significant loss exceeding 500 million dollars. According to a report by Merkle Science, memecoin rug pulls and phishing attacks continue to threaten the crypto markets.
Memecoin Scams on Social Media Platforms are Increasing
Fraud cases in the cryptocurrency ecosystem reached record levels in 2024. According to Merkle Science's comprehensive research, investors suffered losses of over 500 million dollars due to memecoin frauds and social engineering attacks.
Scammers targeting the social media accounts of famous personalities particularly trapped users with fake cryptocurrency projects. One of the most striking examples of these attacks occurred when the X account of world-renowned footballer Kylian Mbappe was hacked. The attackers used Mbappe's account to promote a fake memecoin project, resulting in many investors being victimized.
Another notable case was the targeting of famous musician Wiz Khalifa's account, which has 35.7 million followers. Scammers deceived investors with a fake token named WIZ that they launched using the artist's name, and the token's value quickly dropped to zero.
Robert Whitaker, the director of law enforcement at Merkle Science, stated in his evaluation of the situation, "These attacks are not just simple opportunism; they are highly organized and planned operations. Scammers manipulate the markets by abusing the credibility of celebrities and industry leaders."
According to the report, X holds the first place in the distribution of fraud cases among platforms with a 75% share, while YouTube is in second place with 19%. 44% of the attacks were carried out using the rug pull method, and the same proportion of phishing attacks was also detected.