Jenner's Hacked X Account Crashes Solana Token Market Cap by 90%

Kylie Jenner's verified account on X was hacked, causing significant market fluctuations in the Solana ecosystem. The attacker used the platform to promote a Solana memecoin called Pump.fun, leading its market capitalization to spike to $1.21 million. This sudden rise and subsequent crash of over 90% after the posts were deleted raises concerns about the ease with which tokens can be created on Solana's launchpad.

According to reports, this incident follows a pattern of celebrity account hacks used to pump short-lived tokens on Solana's platform. The exploit preys on followers' trust and low token liquidity for quick profits.

The vulnerability in Solana's system remains a concern for investors and the crypto community at large. Neither Kylie Jenner nor her team has commented on the incident yet, leaving many questions unanswered.