Fake Partnership Claims and Rapid Decline

Starting on June 26, the illegal postings claimed a cooperation with Ticketmaster to introduce the METAL token. Actually, the coin was launched on the Solana-based token deployer pump.fun. Ticketmaster did not reply to inquiries for comments or declare any such a cooperation.

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The postings also stated erroneously that MoonPay, a fintech company, participated. Quickly dispelling the allegation, MoonPay president Keith Grossman posted on X, “MoonPay does NOT support METAL.” Drawing on Metallica’s blockbuster album and track, MoonPay subsequently cautioned consumers, saying, “If someone is offering you a METAL token, they are not the master of puppets — they are the master of scams!”

Promotional Scams and Market Impact

Later entries from the stolen account sought to entice consumers with promises of unique goods like “free concert tickets,” bespoke gaming systems, and apparel. One thread even noted token staking incentives.

Based on Dexscreener statistics, the overall value of the METAL token peaked momentarily at $3.37 million around 20 minutes after debut. But the value of the token dropped to a market capitalization of $90,000 less than three hours later, almost exactly 100% down from its high.

Security Breach and Responses

The way Metallica’s account was hacked is still unknown. Neither the band nor its management group could be reached right away for remarks.

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