Late Monday, Cardi B’s official X account promoted a memecoin named WAP, prompting concerns from blockchain security firm PeckShield. The company questioned the legitimacy of the token and warned users to avoid interacting with associated links.
Is Cardi B’s Account Compromised?
PeckShield has suggested that Cardi B’s X account may have been compromised. The firm advised caution, stating: “Be cautious when interacting with any address/link in the post.” Despite the warning, the memecoin promotion remained visible on Cardi B’s account for more than five hours after it was initially posted.
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The Origins of the WAP Memecoin
The WAP token, likely inspired by Cardi B’s hit song of the same name, appeared on Monday, accompanied by an official website and its own X account. The token’s X handle shared a video that seemed to feature Cardi B promoting the cat-themed memecoin. This development followed rapper Iggy Azalea's launch of her own memecoin, MOTHER, with Azalea claiming that WAP was a scam.
A Persistent Promotional Post
Typically, hacked celebrity accounts promoting fraudulent tokens have their posts swiftly removed. However, in this case, the promotional post remained active on Cardi B's account for hours, sparking speculation about whether the account has been fully compromised.
Furthermore, the account shared another post featuring Cardi B’s image, though it appeared to be unrelated to the token promotion.
WAP Token’s Market Performance
WAP's market capitalisation has reportedly reached $21.6 million, according to Dexscreener. Despite this initial attention, the broader memecoin space has come under scrutiny in recent months.
Many celebrity-backed tokens, launched throughout 2024, have failed to show substantial development, raising concerns about their long-term viability and the motivations behind their creation.
Celebrity Involvement in Questionable Crypto Ventures
This latest incident follows a string of controversies involving celebrity-backed tokens. In June, memecoin promoter Sahil Arora was banned from X after Caitlyn Jenner accused him of running “pump and dump” schemes with her own token, launched earlier this year.
These schemes have damaged the credibility of several celebrity-endorsed cryptocurrency ventures.
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Cardi B’s Involvement Unconfirmed
As of now, Atlantic Records, Cardi B’s label, has not responded to requests for comment on whether WAP has been officially endorsed by the artist.
The promotion of the WAP memecoin on Cardi B’s X account, alongside security concerns, highlights ongoing issues within the celebrity-backed cryptocurrency space. Many of these projects lack substance, raising doubts about their legitimacy.
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