On November 3, rapper Wiz Khalifa’s X (formerly Twitter) account was compromised by hackers who used it to promote a fraudulent memecoin called $WIZ. With 35.7 million followers, Khalifa’s account was a valuable asset for the scammers, who posted a message claiming that the artist was “working with my team to drop $WIZ for all the crypto fans.” The message urged followers to buy the token, which was launched on the Solana-based memecoin platform pump.fun. This post has since been deleted, but not before it sparked significant trading activity, with the coin’s valuation spiking briefly.
The response to the post was immediate. Within 15 minutes of its launch, $WIZ’s market capitalization surged to $3.4 million as unsuspecting fans and investors rushed to buy into what they believed was Khalifa’s official token. However, the hype was short-lived. Soon after the initial spike, early holders began selling off their tokens en masse, causing $WIZ’s market capitalization to drop drastically. Within an hour, the token’s value plummeted to less than $28,000. As of the latest data from DEX Screener, $WIZ is valued at around $8,400, reflecting the swift unraveling of the scam.
The attack on Khalifa’s account follows a pattern identified by blockchain sleuth ZachXBT, who suggested that the same hackers were responsible for a similar incident on October 29. In that instance, the hackers took over the X account of Andy Ayrey, the developer behind the Truth Terminal, an AI bot known for promoting various memecoins. Using Ayrey’s account, the attackers had managed to promote a series of fraudulent tokens, netting themselves an estimated $1.5 million in profits. ZachXBT warned users in his Telegram group about the $WIZ scam, advising against investing in the token.
The method used to compromise Khalifa’s account remains unclear, and it is uncertain whether Khalifa has regained control of his profile. The rise and fall of $WIZ have raised further questions about security on social media platforms, particularly as scammers increasingly target high-profile accounts to promote fraudulent cryptocurrency schemes. As blockchain analysts continue to investigate, the incident serves as a reminder of the risks associated with memecoins and the need for vigilance when responding to social media promotions.
