Rapper Cardi B Promotes Shady Memecoin—Hack or Intentional?

Key Takeaways

• Cardi B appears to have launched a memecoin.
• Fans are divided on whether ‘WAP’ is a scam or legitimate.
• The list of celebrity crypto scams is, unfortunately, a long one.

Grammy-award-winning rapper Belcalis Cephus, known professionally as Cardi B, appears to have joined the long list of celebrities who have used their massive social media platforms to endorse crypto tokens.

Unfortunately, some fans are not reacting well to Cardi B’s first foray into the crypto world, with many claiming her WAP memecoin is a scam.

Cardi B’s WAP

On Monday, Oct. 7, Cardi B’s X profile featured an animated trailer for the WAP token, inspired by her hit song with Megan Thee Stallion.

Following the memecoin plug, fans were quick to accuse Cardi B’s account of being compromised by bad actors.

Blockchain security company Peckshield was the first to sound the alarm  that Cardi B had been exploited.

“Be cautious when interacting with any address/link in the post,” the analyst wrote.

However, over eight hours on from when the post was published, there is no signs of the account being compromised.

Users who believe the token is real pointed to Cardi B’s other social media accounts, which have featured the rapper posting normally.

The animated trailer also points to the token being professionally planned by her team.

How Is WAP Performing?

At the time of publishing, WAP currently holds a market capitalization of $21.2 million, according to Dexscreener .

In just over eight hours, WAP boasts over $600,000 in liquidity—a significant achievement for a memecoin but a common occurrence for a celebrity-endorsed project.​

The Sad Case of Celebrity Rug Pulls

The widespread distrust in the validity of Cardi B’s crypto project is likely due to the unfortunate increase in celebrity-endorsed crypto rug pull scams.

Over the past few years, celebrities putting their names to crypto projects that end with the developers abandoning a project and making off with investors’ funds have become a prominent issue in recent years.

In 2017, famed producer DJ Khaled and boxers Floyd Mayweather and Manny Pacquiao promoted Centra Tech’s ICO as a groundbreaking crypto payment solution.

The celebrities’ reputations were damaged after the project collapsed due to fraud charges aimed at the founders.

Hollywood actress Lindsay Lohan also received accusations of running a pump-and-dump scheme. Shortly after endorsing “LohanCoin,” the value surged and then promptly crashed.

However, this is not the same for every celebrity who dives into the world of memecoin and crypto.

For example, Australian Hip-hop star Iggy Azalea’s token, MOTHER, has bucked expectations by performing incredibly well.

Right now, only time will tell what path Cardi B wants to take.

About the Author

Kurt Robson

Kurt Robson is a London-based reporter at CCN with a diverse background across several prominent news outlets. Having transitioned into the world of technology journalism several years ago, Kurt has developed a keen fascination with all things AI. Kurt’s reporting blends a passion for innovation with a commitment to delivering insightful, accurate and engaging stories on the cutting edge of technology.

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