Cardi B's X Account Promoting Memecoin: Who’s Behind It?

PeckShield’s Warning and Celebrity Account Hacks: What You Need to Kno

American rapper Cardi B’s X account sparked significant controversy late Monday night by promoting a meme token called WAP. The token, presumably inspired by her hit song "WAP," launched alongside an official website and its own X handle. 

However, blockchain security firm PeckShield quickly raised concerns about the legitimacy of the token, cautioning users against interacting with any addresses or links shared in the post.

PeckShield’s Warning and Celebrity Account Hacks

PeckShield, a prominent blockchain security company, issued a statement suggesting that Cardi B's X account might be compromised. 

“Cardi B's X account seems to be compromised,” the firm noted. “Be cautious when interacting with any address/link in the post.” This warning followed a video post on Cardi B’s X account that appeared to feature the rapper endorsing the cat-themed token. 

The video came in response to fellow rapper Iggy Azalea, who had previously launched her own token named MOTHER and accused WAP of being a scam. This incident mirrors a similar situation faced by American media personality Caitlyn Jenner a few months prior. 

Jenner’s X account was hacked and used to promote a meme token named "JENNER token." It was later revealed that Jenner was actually behind the promotion.

WAP Token's Market Impact and Ongoing Speculation

Despite the typical quick removal of such posts following celebrity account hacks, the promotion for the WAP token remained on Cardi B’s account for over five hours. Interestingly, the account later shared another unrelated post featuring Cardi B's image. 

The persistence of the promotional post has fueled speculation about whether Cardi B herself is endorsing the token. However, Atlantic Records, Cardi B’s record label, did not immediately responded.

The rise of celebrity-backed memecoins in 2024 has been met with mixed reactions. While these tokens often generate initial hype, many fail to demonstrate substantial development, leading to skepticism about their genuine commitment to the cryptocurrency space. 

In June, celebrity memecoin promoter Sahil Arora was banned from X after being accused by Caitlyn Jenner of running “pump and dump” schemes related to her token launched in May.

As the situation with Cardi B’s WAP token unfolds, it serves as a reminder for users to exercise caution and conduct thorough research before engaging with any new cryptocurrency ventures, especially those endorsed by high-profile celebrities.

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