Tech
An important “warning” for cryptocurrency investors: this could be a “scam coin”
Caitlyn Jenner, a well-known media personality, may have been tricked into promoting a cryptocurrency called JENNER. The coin’s value plummeted rapidly after its launch, raising suspicions.
Many cryptocurrency enthusiasts initially thought Jenner’s account had been hacked. However, a crypto insider named Roxo claims that an intermediary named Sahil manipulated Jenner, not a hacker.
The promotion began with a tweet from Jenner’s account containing a photo with Donald Trump and a message encouraging people to share their favorite memecoins.
After the launch, the developer sold all of its holdings, causing investor alarm. User
However, concerns remained. The linked wallet had previously been involved in a similar incident with adult film star Kazumi promoting a different token (ZUMI) before their account was compromised.
Despite this, Jenner’s account continues to promote JENNER. The developer behind the social engineering is suspected of orchestrating multiple “rug pulls” (abandoning projects after raising money).
Despite the warning bells, the token’s price skyrocketed 28,000% in one day, reaching a market capitalization of $18 million.
This incident echoes a recent case with the URF meme coin, where developers disappeared with investor funds after a pre-sale.