Memecoin Frenzy: Hackers Hijack Celeb Instagram Accounts To Push Dubious Token – Details

In a rather shocking development, hackers took over the Instagram accounts of some music celebrities to promote a fraudulent Solana-based memecoin. This incident comes after another high-profile market controversy involving Kanye West’s YZY token.

Celebrity Profiles Hacked, Memecoin Crashes After $900,000 Pump

In an X post on Friday, popular media outlet NFR Podcasts reported that Instagram accounts belonging to the late Michael Jackson, as well as artists Adele, Tyla, and Future, had been simultaneously compromised to promote a scam memecoin. The fraudulent posts shared across the accounts featured an image of Future holding an oversized coin branded FREEBANDZ — the same name as the rapper’s music label and clothing brand. The imagery appeared designed to create a false sense of endorsement and legitimacy for the token.

Although the posts have since been removed, Future’s Instagram account was ultimately disabled. And as of now, none of the affected parties has issued public statements regarding the incident. According to data from Dexscreener, the token briefly surged upon launch, reaching a market cap of nearly $900,000 before collapsing to around $15,000 in about 30 minutes.

On-chain data suggests the scam’s orchestrator may be linked to a wallet address ending in zcmPHn, which dumped 700 million FREEBANDZ tokens, securing 251.41 SOL valued at approximately $45,600. Another wallet, ending in bTp, also walked away with an additional $13,300 after swapping 85.6 million FREEBANDZ. The rapid pump-and-dump underscores the risks surrounding memecoins and the ease with which hackers exploit high-profile names to lure in unsuspecting investors. In late 2024, for instance, rapper Drake’s X account was also compromised to promote a Solana memecoin called $ANITA, which generated around $5 million in trading volume before collapsing. Meme coins remain largely unregulated, and the SEC has previously clarified that most do not qualify as securities, likening them instead to speculative collectibles with no underlying promise of profit. This regulatory gap has made memecoins fertile ground for these kinds of scams, highlighting the need for caution among traders.

Kanye West’s YZY Under Scrutiny For Insider Trading

In other developments, rap legend Kanye West has become embroiled in another memecoin controversy. According to Bitcoinist, the YZY token skyrocketed to a $3 billion market cap at launch before plunging more than 70% within hours. On-chain data shows several wallets were pre-funded and primed to buy immediately after Ye’s announcement, fueling suspicions of insider trading. Notably, 13 wallets collectively walked away with $24 million in profits from the YZY frenzy. The token now trades at $0.705, with a fully diluted valuation (FDV) of $699.3 million.