The NBA’s official account was hacked, but the Solana token promoted through it only reached $40,000 before liquidity was pulled. This hot-topic cash grab was faster than expected.
On October 15, multiple reports said that the NBA’s official Instagram account had been hacked. The attackers used the opportunity to promote a suspicious token on Solana, but buying interest was muted, and the token faced the risk of a liquidity pull at around $40,000.
This incident reflects a reality: on-chain hype doesn’t necessarily bring in buyers, even when it attracts attention.
In the past, riding the coattails of a celebrity, institution, or trending event could attract plenty of buyers chasing a rally. But these days, tactics like hijacking social media accounts, issuing tokens based on fake news, and suddenly pulling liquidity are increasingly common, and the market is becoming more cautious.
I think the real thing to watch out for isn’t missing out on a hot token—it’s mistaking exposure on an official account for an endorsement of the project. This is especially true of newly launched tokens with concentrated holdings and thin liquidity: if there aren’t enough buyers, it can be very difficult to get out.
When breaking news hits, verify that the account is authentic and check the contract and liquidity first. That matters more than blindly trying to be among the first to buy.
Do you think on-chain traders are becoming more rational, or have scammers’ tactics simply failed to keep up with the market?
On October 15, multiple reports said that the NBA’s official Instagram account had been hacked. The attackers used the opportunity to promote a suspicious token on Solana, but buying interest was muted, and the token faced the risk of a liquidity pull at around $40,000.
This incident reflects a reality: on-chain hype doesn’t necessarily bring in buyers, even when it attracts attention.
In the past, riding the coattails of a celebrity, institution, or trending event could attract plenty of buyers chasing a rally. But these days, tactics like hijacking social media accounts, issuing tokens based on fake news, and suddenly pulling liquidity are increasingly common, and the market is becoming more cautious.
I think the real thing to watch out for isn’t missing out on a hot token—it’s mistaking exposure on an official account for an endorsement of the project. This is especially true of newly launched tokens with concentrated holdings and thin liquidity: if there aren’t enough buyers, it can be very difficult to get out.
When breaking news hits, verify that the account is authentic and check the contract and liquidity first. That matters more than blindly trying to be among the first to buy.
Do you think on-chain traders are becoming more rational, or have scammers’ tactics simply failed to keep up with the market?