Doja Cat’s X Account Hacked: $1.63M Lost in Crypto Scam

Rapper Doja Cat’s X （formerly Twitter） account was hacked, leading to the promotion of a fraudulent Solana-based meme coin, causing significant financial losses for investors.

Points

• Doja Cat’s X account was hacked, promoting a fraudulent meme coin.
• The scam resulted in investor losses exceeding $1.63 million.
• Doja Cat informed her followers about the hack and warned against the fraudulent posts.
• This incident is part of a broader trend of celebrity-linked crypto scams.

In a recent incident, rapper Doja Cat’s X （formerly Twitter） account was hacked, leading to the promotion of a fraudulent Solana-based meme coin named after the artist. The hacker posted a message urging Doja Cat’s 5.6 million followers to “buy $DOJA or else,” accompanied by an image of the artist in armor, wielding a sword.

This fraudulent promotion caused the token’s value to surge dramatically, with its market cap reaching $1.65 million. However, the token’s value plummeted shortly after, resulting in a market cap of just $16,820 and estimated investor

losses exceeding $1.63 million.

Doja Cat’s Response and the Broader Issue

In response to the hack, Doja Cat took to Instagram to inform her 24 million followers that the X posts were not from her, emphatically stating, “It is not me! It is literally an imposter!” She urged her fans not to believe the fraudulent posts and expressed her dismay over the incident. Fellow artist Iggy Azalea also voiced her support for Doja Cat, confirming that the hacker was behind the misleading posts.

This hack is part of a disturbing trend where celebrity social media accounts are exploited to promote pump-and-dump schemes. Legal experts warn that these celebrity-linked meme coins, both legitimate and fraudulent, may attract class-action lawsuits and enforcement actions from the U.S. Securities and Exchange Commission （SEC）. The volatile nature of these coins often results in dramatic declines in value shortly after their launch, even when officially promoted by celebrities.

Explanation

• Pump-and-Dump Scheme: A fraudulent practice where the price of an asset is artificially inflated （pumped） through false or misleading statements, then sold off （dumped） at the higher price.
• Market Cap: The total market value of a cryptocurrency’s circulating supply, calculated by multiplying the current price by the total supply of the coins.
• Celebrity Endorsements: Public support or approval of a product or service by a celebrity, often used in marketing strategies.

The hack of Doja Cat’s X account underscores the risks associated with the meme coin market and highlights the need for investors to exercise caution and conduct thorough research before investing in such assets.