As an experienced analyst, I’m deeply concerned about the Metallica X account hack and the subsequent promotion of the fraudulent $METAL token. The hackers’ claims of partnerships with reputable companies like Ticketmaster and MoonPay were blatantly false and preying on unsuspecting fans and crypto users.
On Wednesday, Metallica’s social media account with 6.1 million followers was compromised by hackers. They used the platform to publicize a cryptocurrency token named $METAL, allegedly claiming partnerships with Ticketmaster and MoonPay in several posts.
As a researcher studying this particular event, I’ve come across various assertions regarding the benefits for token holders of the $METAL cryptocurrency. Some of these perks allegedly included discounted tickets to Metallica concerts and merchandise. Remarkably, lucky airdrop winners were said to have received free concert tickets and merchandise. Moreover, an intriguing post suggested that an exceptional three $METAL holders had been gifted exclusive Metallica-themed gaming consoles – a unique collectible, as only three such consoles were reportedly produced. However, following this revelation, Metallica’s team has taken back control of the X account and removed all related posts about $METAL.
“With $METAL, you gain access to executive discounts at a value of 25% off your ticket purchases. Whether it’s attending a Metallica concert or browsing their online store, $METMetal seamlessly fits into your shopping journey. The token is powered by the robust Solana platform for smooth transactions, having been introduced through the pump.fun deployer on Solana.”
Ticketmaster has yet to get back to us. MoonPay’s President, Keith A. Grossman, made a post on X to caution everyone about a fraudulent $METAL token scheme. In his message, he playfully warned, “If someone is trying to sell you a $METAL token, they’re not the ‘Master of Puppets’ – they’re the ‘Master of Scams!'” This reference comes from Metallica’s 1986 album with the same title.
In response to a deleted post on Metallica’s account, they announced their intention to bring extensive adoption to the Solana blockchain through MoonPay, using the $METAL token. Soon enough, buying $METAL tokens with credit or debit cards will be possible globally. The cyber attackers also highlighted the significance of $METAL’s staking feature.
Metallica fans and crypto community members who believed in the authenticity of the posts caused the value of $METAL to surpass a $3 million market cap within half an hour of its debut. However, three hours later, its market capitalization had plummeted to roughly $90,000.
Image by Javier Ignacio Abarca Aguilera from Pixabay
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2024-06-28 12:00