Popular rapper Cardi B recently took to her X account to promote a new meme coin known as $WAP, but soon enough, some users noticed concerning details surrounding the promotion, with security experts speculating that the account may have been compromised.
What Happened?
The rapper set off the events in question on October 7, when her X account published a photo of Cardi B, whose real name is Belcalis Marlenis Almanzar, holding a cat. The caption explained that this is a new family member, and she invited the community to guess the cat’s name.
However, only a few hours later, another post emerged stating “Her name is $WAP,” but it also contained a wallet address and a brief animated video that promoted the meme coin.
The promotion caught the attention of the crypto world very quickly, and many started questioning the legitimacy of the post. It wasn’t long before blockchain security company Peckshield got involved, informing users that the account may have been compromised and that the promotion may be a scam.
The company also urged Cardi B’s community to be careful when interacting with her other posts. However, some among the X users dismissed the warning, claiming that the promotion was planned and deliberate, and the fact that it is still up as of the time of writing, two days after going up and after the rapper posted other photos, this does appear to be the case.
Even so, experts remain concerned about the project as a whole, as CryptoRugMunch pointed out that the top 200 wallets holding the meme coin’s supply are new, while most appear to be funded by the larger wallets within the project. This sparked concerns about a potential rug pull, which made it even more important for potential investors to be extremely careful.
