Over the weekend, the crypto community noticed suspicious activity on several X accounts, leading to speculation that crypto figures and celebrities had been hacked. Unusual posts promoting meme coins fueled these concerns.
Among the affected celebrities, Olympian and reality TV star Caitlyn Jenner experienced a tumultuous launch of her JENNER token amid rumours of hacks and exit scams. Despite the rocky start, the meme coin has skyrocketed by 50,000% since its launch.
The Token Launch
On Sunday, the crypto community was on high alert after a series of dubious posts appeared on various X accounts. The hack started with crypto trader GCR’s account, where the hacker posted unauthorized token promotions. The community quickly recognized these posts as fraudulent.
Later that afternoon, rapper Rich the Kid and Olympic athlete Caitlyn Jenner shared links to Pump.fun, promoting two meme coins, RICH and JENNER. Jenner's post featured a picture with former US President Donald Trump and the slogan "Make America Great Again" alongside the token link.
The community suspected further security breaches. Despite this, Jenner asserted that the token was legitimate and continued to promote it on her X and Instagram accounts. Jenner’s manager, Sophia Hutchins, also posted a video confirming the token's authenticity and the posts. However, the community remained cautious with the increasing prevalence of deepfake videos.
Suspicious behaviour during the launch later validated these concerns.
Sahil Aurora and Possible Scams
As the hours passed, crypto investors began scrutinizing Jenner’s token. Community member CryptoRoxo revealed that the TV star’s team was “socially engineered by a guy named Sahil.”
According to the post, Sahil Arora acted as the “middleman,” overseeing the launch of the meme coins and advising Jenner’s team about crypto. After the launch, Arora allegedly “dumped all the tokens from the deployer wallet and sniped more using burner wallets.”
Furthermore, he instructed Jenner’s team to post a message asking the public to send him tokens. Roxo reported that Arora exploited the team’s lack of crypto knowledge to deceive several celebrity and influencer teams in the past week.
At the time of this writing, Rich The Kid had deleted all posts related to the token and accused Arora and Caitlyn Jenner of scamming people. He also announced plans to launch his own token, which is unrelated to RICH and Arora.
Price Analysis
Source: GeckoTerminal
X user 0xPonga documented the tumultuous price movements of the JENNER token during its launch. Despite initial concerns, the token reached a $2 million market cap. After Sahil Arora’s sell-off, suspicions of a scam grew, but a video from Jenner’s manager, Sophia Hutchins, boosted the market cap to $8 million.
The token’s price dropped again following deepfake allegations, but the market cap soared past $20 million after Hutchins addressed these concerns in an X Space. Later, Hutchins hinted at the launch of a new token, causing JENNER’s market cap to plummet to $6 million.
A community member expressed disbelief in Jenner's involvement in a pump-and-dump scam, stating, “I refuse to believe Caitlyn is dumb enough to think the few thousand dollars she made off this is worth the millions in fines/jail time.”
As of now, Jenner's alleged post asking for tokens appears to have been deleted. The Olympian continues to promote her token, which is set to be listed on the crypto exchange MEXC this Monday.
JENNER’s market cap currently stands at $26.79 million, with a daily trading volume of $191.8 million. The meme coin has surged by 51,000%, rising from $0.00006 to $0.0392 in the past 17 hours.
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