- Hackers took over Wiz Khalifa’s X account to run a pump-and-dump scam.
- WIZ coin’s value collapsed following a brief, significant increase.
In a brazen internet scam, American artist Wiz Khalifa’s X (previously Twitter) account, which has about 35.7 million followers, was reportedly hijacked by unknown scammers to promote a fraudulent cryptocurrency. ZachXBT, a blockchain investigator, raised the alarm after seeing a deleted post on the rapper’s profile in which the hacker assured a new WIZ meme coin.
The fake ad encouraged Wiz Khalifa’s fans to invest in WIZ, a token related to the pump. fun website. WIZ’s market capitalization briefly soared to more than $2.5 million within minutes of its launch, owing to a 2,000% price increase. However, early holders promptly sold their tokens, reducing the WIZ market cap to below $28,000 within an hour. According to DEX Screener data, the coin’s market capitalization has dropped more than 90% by November 4 to $7,900.
Memecoin Scam and Investigation
Blockchain expert ZachXBT believes the same hacker was involved in a similar issue with Truth Terminal developer Andy Ayrey’s X account on October 29. Ayrey’s stolen account promoted another false token, which earned scammers over $600,000. In a single scam, hackers promised to airdrop tokens to users who shared the account’s content. Ayrey later stepped out, expressing dissatisfaction with the scam and asking blockchain investigators for assistance in finding and blocking the hacker’s wallets.
ZachXBT cautioned followers in his Telegram group not to purchase WIZ tokens, portraying the coin as yet another attempt by criminals to leverage high-profile accounts for pump-and-dump scams. He stated that, similar to Ayrey’s account, Wiz Khalifa’s account appeared to prioritize short-term profit over the interests of naive fans.
These scenarios indicate the growing worry about the use of celebrity profiles to legitimize fake cryptocurrency schemes. The hacker’s exact identity is unknown, but the incidents highlight an ongoing tendency to employ well-known personalities in the cryptocurrency field to mislead investors into pump-and-dump scams.
Wiz Khalifa’s team removed the unauthorized posts, leaving his X account inactive, and they have not indicated whether they have fully restored control.
Experts, including ZachXBT, continue to caution the public against investing in any cryptocurrency promoted by suspicious social media posts, particularly those tied to unverified projects or accounts. These frauds, which frequently target lesser-known tokens, have a clear goal to capitalize on social media enthusiasm, raise prices, and then rapidly exit, leaving investors with huge losses.
