Wiz Khalifa’s X Account Hacked, Memecoin Scam Causes Market Crash
In a startling event on November 3, Wiz Khalifa, the renowned rapper, became the target of a digital attack when his X account, boasting 35.7 million followers, was reportedly hacked. The hackers used his platform to promote a memecoin called WIZ, misleading his fanbase into believing the rapper was endorsing the cryptocurrency. A now-deleted post suggested Khalifa had been “working with my team to drop $WIZ for all the crypto fans.” Followers, potentially unaware of the scheme unfolding before their eyes, saw a brief window where the newly launched coin hit a valuation peak before crashing severely.
The WIZ token, specifically launched on Pump.fun, a Solana-based memecoin platform, experienced wild fluctuations immediately after its debut. Within just 15 minutes of its launch, the token’s market cap surged to a staggering $3.4 million. However, this surge was short-lived. Within an hour, the early holders, most likely including malicious actors, began unloading massive volumes of the token, causing the value to plummet sharply. By the end of the hour, WIZ’s market cap nosedived to less than $28,000. As of now, the token trades with a market value hovering around $8,400, data from DEX Screener indicates.
What happened behind the scenes during this market manipulation sheds light on the extent of the scam. According to aggregated data from Solscan, two top wallets stood out during the chaotic trading spree. Serving as prime examples of how investors can manipulate these fast-moving memecoin markets, these wallets purchased over 155 million WIZ tokens during the initial launch for just $19,100. Yet, in no time, they managed to generate a combined profit of $160,000 by selling the tokens once the price surged.
While the exact identity of the fraudsters remains in the shadows, blockchain sleuth ZachXBT was quick to piece together some of the puzzle. He pointed out a recurring tactic from the same hacker responsible for a previous attack, in which the X account of Andy Ayrey, the creator of Truth Terminal, was also compromised in a very similar manner just days prior, on October 29. Zach stated to his audience in a Telegram message on November 3: “Do not buy the Wiz Khalifa Pump Fun [token]. It’s the same hacker who compromised Andy Ayrey (Truth Terminal creator) the other day.”
In Ayrey’s case, the attackers, once again promoting fraudulent memecoins, managed to amass a significant profit of $1.5 million through the digital ruse. Khalifa and Ayrey are among the latest high-profile X account users to fall victim to this growing trend of social media hacks, where attackers exploit these platforms’ immense reach to drive interest in sketchy crypto schemes.
The posts from Khalifa’s hacked account have since been wiped clean from public view, though no official statement clarifying whether control of his account has been fully restored has surfaced. Given the gravity of the breach and the potential harm it caused to both the celebrity and his fans, many are left in anticipation, hoping for further clarification.
What adds an interesting layer to the story is the involvement of Truth Terminal, Ayrey’s AI bot. Known for its erratic but occasionally profitable predictions on the cryptocurrency markets, Truth Terminal recently made waves by propelling the memecoin Goatseus Maximus (GOAT) to new heights. Despite a brief surge that saw GOAT rise to a peak valuation of $940 million by October 24, its price has since recalibrated significantly. According to more recent data from DEX Screener, it now sits at a market cap of approximately $544 million, down 39% from its all-time high.
The intertwining tales of hacked accounts, memecoin promotions, and market manipulation expose the vulnerabilities of the digital space, especially with figures whose trust among their audience can be quickly weaponized by bad actors. The collapse of tokens like WIZ demonstrates the inherent risks, but it also serves as a stark reminder that the hype around memecoins remains susceptible to exploitation.
As the investigation continues into Wiz Khalifa’s hacked account, crypto enthusiasts and social media influencers alike should remain vigilant. The lack of confirmed details about how Khalifa’s account was compromised raises several questions about platform security, and it underscores the need for better protective measures for high-profile accounts targeted by malicious entities. Whether Khalifa will issue a statement or further action will be taken against the perpetrators remains uncertain, but for now, the lesson remains clear: tread carefully in the volatile world of cryptocurrency, especially when real-world reputations are used to defraud eager investors.
