Metallica X Account Hacked: Unveiling the METAL Token Scam

The official X account for the legendary heavy metal band Metallica was compromised, with the perpetrators exploiting the breach to promote a Solana-based token called METAL. This incident, referred to as “Metallica X account hacked,” saw multiple unauthorized posts from the account touting the new token.

The first post about the METAL token appeared on Metallica’s X account on June 26, alleging a partnership with Ticketmaster and claiming the token was launched on the Solana-based token deployer. However, Ticketmaster did not issue any announcement regarding such a partnership and did not immediately respond when the requests for comments started springing up.

Metallica’s team quickly regained control of their X account and removed all posts related to the METAL token. Despite the swift response, the damage had already begun as the exploiters managed to garner attention during the brief control period.

False Claims Involving MoonPay

In the series of unauthorized posts, it was also claimed that the fintech firm MoonPay was involved with the METAL token. MoonPay president Keith Grossman promptly dismissed these claims in an X post, stating, “MoonPay does NOT support METAL.” MoonPay further warned users in another post, “If someone is offering you a METAL token, they are not the master of puppets — they’re the master of scams!” This statement cleverly referenced Metallica’s famous 1986 album and single, reinforcing the fraudulent nature of the token.

The hackers attempted to lure potential buyers with promises of exclusive rewards. Posts from Metallica’s account suggested that holders of the METAL token could redeem them for “free concert tickets,” custom gaming consoles, and other merchandise. One post even falsely claimed that the token offered staking rewards.

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Following the promotion from the hacked account, the METAL token’s value saw a brief surge. According to Dexscreener data, the total value of the METAL token peaked at $3.37 million roughly 20 minutes after its launch. However, this peak was short-lived. The token’s value plummeted soon after, falling to a market capitalization of $90,000 less than three hours later. The price nearly dropped 100% from its high, underscoring the transient nature of the scam. Did this feat manage to serve the purpose of the scammers? 

According to the cryptocurrency news, it remains unclear how the hackers managed to breach Metallica’s X account. Attempts to contact the band and their management team for comments have been unsuccessful. The incident highlights the vulnerability of even high-profile accounts to such breaches and the rapid spread of false information in the digital age.

Implications for Cryptocurrency Updates

The crypto update of this Twitter hack involving Metallica’s X account and the promotion of the METAL token adds to the growing list of cybersecurity challenges in the cryptocurrency space. It underscores the importance of vigilance and scepticism towards sudden endorsements of new tokens, especially from seemingly credible sources. The use of popular platforms to promote fraudulent cryptocurrencies is a tactic that has seen increasing prevalence, necessitating continuous updates and cautionary measures within the community.

Conclusion

The “Metallica X account hacked” incident serves as a stark reminder of the potential risks associated with digital platforms and the cryptocurrency market. It highlights the need for robust security measures and the importance of verifying the authenticity of information before making financial decisions, especially with bigger coins like Ethereum (ETH) and Bitcoin. As the situation continues to develop, it is crucial for users to stay informed through reliable sources such as The BIT Journal for the latest crypto news.