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An executive account at a certain exchange was hacked, triggering a flash crash of meme coins, with suspected insider trading and pre-arranged positions.
[BlockBeats] On December 10, something outrageous happened. The WeChat account of a co-CEO from a leading exchange was hacked, and the hacker directly posted about a Meme coin called Mubarakah.
Guess what happened next? Mubarakah instantly took off. The price soared from $0.001 all the way to $0.008, and the market cap shot past $8 million. But the good times didn’t last long; it soon crashed, and the market cap is now only $3.1 million, with the price dropping back to around $0.003.
What’s even crazier—screenshots shared by several insiders show that Mubarakah started pumping a few minutes before that WeChat post went out. In other words, some addresses were already positioned in advance. This insider trading move is just too blatant.
Honestly, Meme coins are all about hype and emotion anyway, with little real value. This kind of scheme, exploiting security loopholes and inside maneuvers to dump on others, is something everyone needs to watch out for. Don’t just FOMO because a celebrity “recommends” something—it could easily be a trap set by others.