The official X account of the American rapper, Cardi B, supported the memecoin called WAP, which stirred up controversy concerning the token’s authenticity. The recent post has raised questions about whether the rapper’s account was hacked or the promotion is real. Blockchain security firm PeckShield quickly alerted the crypto community, warning that the rapper’s account might have been compromised.
Her name is $WAP 🐾💦
— Cardi B (@iamcardib) October 7, 2024
CA:Bz7vVzQhm2KMW1XgcrDruYega1MiwrAs1DQysrx4tFkp pic.twitter.com/BDvJqeqh0u
Platform Raises Alarm
In an X post on Tuesday, PeckShield noted that Cardi B’s X account was compromised and warned users against engaging with any links or addresses shared in the post. The WAP token, likely named after Cardi B’s hit song, launched on Monday with its own website and X handle. A video was also posted, seemingly showing the rapper endorsing the token.
#PeckShieldAlert Cardi B's X account @iamcardib seems to be compromised. Be cautious when interacting with any address/link in the post. pic.twitter.com/dL3NNhSL6K
— PeckShieldAlert (@PeckShieldAlert) October 8, 2024
The promotion came soon after the Australian rapper Iggy Azalea launched her token MOTHER and openly accused WAP of being a scam. Although such posts are usually quickly deleted from the celebrities’ accounts, the WAP token promotion stayed on Cardi B’s page for over five hours, which caused more concerns.
Celebrity Token Doubts
Dexscreener indicates that the WAP token currently has a market capitalization of $21.6 million. Although celebrities endorsed memecoins in 2024, several of these projects have yet to demonstrate significant progress. This raises doubts regarding the motives and sustainability of such coins in the crypto market.
Crypto Hacks Decline in Q3, Asset Thefts Surge to $753MSimilarly, memecoin promoter Sahil Arora was barred from X in June following allegations by Caitlyn Jenner of pump and dump schemes of her meme token. These controversies have thus contributed to creating more skepticism about celebrity-backed cryptocurrencies.
Fans and the crypto community should use the token cautiously as more information unfolds. Cardi B’s X account continues to be checked as people wait to know whether the posts were a hack or a form of advertisement. However, doubts about the token remain valid to this day.
