Rapper Cardi B is being linked to a suspicious cryptocurrency project.

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As the influence of famous names in the cryptocurrency market continues to grow, this situation brings new risks along with it. Cardi B's sharing of the WAP token on her X account raised questions about the security of the account. This incident serves as a reminder of similar situations in the past, highlighting the need for a careful examination of the role of celebrities in cryptocurrency projects.

A New Trend in Cryptocurrency Fraud: Social Media Celebrities

The world of cryptocurrency is shaken by a new debate. Famous American rapper Cardi B shared the promotion of a meme token called WAP on her official X account. While this post generated excitement in the crypto community, it also brought serious security concerns.

The WAP token appears to have been created inspired by Cardi B's hit song of the same name. The token was launched along with an official website and its own X account. According to Dexscreener data, the WAP token quickly reached a market value of $21.6 million.

However, this rapid rise has also raised suspicions. Blockchain security firm PeckShield issued a warning that Cardi B's X account may have been compromised. The firm stated, "Cardi B's X account appears to have been compromised. Be cautious when interacting with any address/link in the post."

This warning highlights the increasing risks of fraud in the cryptocurrency world. It shows how the social media accounts of famous individuals can be used for crypto scams. It is once again understood that investors need to approach cryptocurrency projects they encounter on social media with more caution.

The incident also sparked another debate in the crypto world. Rapper Iggy Azalea referred to WAP as a scam while launching her own MOTHER token. This development illustrates the competition among celebrities in cryptocurrency projects and the potential risks involved.

Cryptocurrency projects associated with famous names have been on the rise recently. Multiple celebrity-backed memecoins launched in 2024 initially garnered significant interest. However, most of these projects have failed to show tangible progress. This raises questions about whether such initiatives are driven primarily by financial motivations rather than a genuine commitment to the cryptocurrency space.