Kylie Jenner’s X (formerly Twitter) account was reportedly hacked and used to promote a fraudulent meme coin ticker named "kylie." The token, launched on the Solana network, briefly reached a market capitalization of nearly $1.19 million before the price plummeted by approximately 68%. The promotional posts have since been removed from her account, which commands a massive audience of 39.5 million followers, but not before retail investors suffered significant losses in the suspected rug pull.
This incident is the latest in a series of high-profile celebrity social media breaches designed to exploit the current meme coin frenzy. By gaining access to accounts with massive reach, attackers can quickly pump the liquidity of a newly created token on decentralized exchanges like Raydium or Jupiter. Once the price peaks due to FOMO (fear of missing out), the attackers typically dump their holdings, leaving retail buyers with worthless assets. In Jenner's case, the rapid decline suggests a classic "pump-and-dump" execution.
For the broader crypto market, this event highlights the persistent security vulnerabilities of centralized social media platforms and the ease with which bad actors can deploy predatory tokens on low-fee networks like Solana. While Solana has become the preferred hub for meme coin activity due to its speed and low costs, it has also become a primary target for scammers using celebrity likenesses or hijacked accounts to lure unsuspecting US investors.
Investors should be extremely cautious of any sudden crypto endorsements from celebrities, as these often coincide with security breaches or paid promotions with little to no long-term value. As regulators like the SEC continue to scrutinize celebrity crypto promotions, users are encouraged to verify token contracts and utilize two-factor authentication (2FA) for their own social accounts. Going forward, the market should watch for increased pressure on X to bolster account security measures for high-profile public figures.