Investors lose $1.6M after Doja Cat’s X reportedly hacked to promote scam coin

The NFT Unicorn 673b32aa-5617-4a00-a874-ac9db531fd97 Investors lose $1.6M after Doja Cat’s X reportedly hacked to promote scam coin Crypto News

The X account of rapper Doja Cat was hacked on July 8 and used to promote a scam token bearing the rapper’s name, according to a report from celebrity news account Daily Trends. Celebrity news site The Daily Mail also reported that Doja Cat was hacked and used to make negative posts about fellow rapper Iggy Azalea.

The scam token, “Doja Cat (DOJA),” reached a market capitalization of $1.65 million after being promoted via the hacked account. It subsequently fell to a market cap of $16,820, causing investor losses of over $1.63 million.

The Daily Trends posted an image of the now-deleted scam X post. It contains an image of Doja Cat wearing a suit of armor and brandishing a sword. Above the image is “buy $DOJA or else,” followed by the token’s Solana contract address.

Below the image is a negative statement about fellow rapper Iggy Azalea, who recently launched her own celebrity memecoin, MOTHER. The statement urges readers again to “buy DOJA.”

Source: The Daily Trends

The Daily Trends post also contains a video reportedly from Doja Cat herself. In the video, she appears to claim that the deleted post is not from her. “It is not me!” she states, “It is literally an imposter!” She adds, “Guys, do not believe whatever that was, OK. It was someone else.”

Celebrity news site The Daily Mail also reported the hack, claiming the account was also used to make replies to influencer Andrew Tate and rapper Nicki Minaj, stating, “Hey boo.”

In a post to her own X account, Iggy Azalea claimed that she knew the post did not come from Doja Cat. “Get rugged if yall want but I’m cool w that girl irl so yall fucked up w that tweet hackers,” she stated.

Related: Iggy Azalea’s anti-scam plan: Burn her own coins

The contract address shown in the hacker’s post is for a Solana token called “Doja Cat” (DOJA). Data from DEXScreener shows that it reached a high of $0.001656 in the first hour after it launched. The coin has a total supply of 1 billion coins, implying that its market cap was $1.656 million at its height.

In the following hour, its price fell to $0.00007352. At the time of publication, the token sits at $0.00001682, implying a market cap of just $16,820 for a total loss to investors of over $1.63 million.

The NFT Unicorn 476f4b84-af1e-453d-91d0-e495de6b7160 Investors lose $1.6M after Doja Cat’s X reportedly hacked to promote scam coin Crypto News
Doja Cat price chart. Source: DEXScreener

A spate of newly released celebrity memecoins hit the market over the past few months, most of which declined by 90% or more within the first few hours after launch. Legal experts have claimed that these coins may attract class-action lawsuits and enforcement from the US Securities and Exchange Commission. However, not all of these coins were officially promoted by the celebrities they represented, as some were the result of hacks.

On July 2, the X account of actress Sydney Sweeny was also hacked and used to promote an unofficial SWEENY celebrity coin.

Magazine: Crypto-Sec: Phishing scammer goes after Hedera users, address poisoner gets $70K