The UFC's Instagram account was hacked on January 30, leading to a fraudulent post promoting a meme coin that surged to an $11 million market cap before collapsing. The attackers sold 40% of the token's supply for a profit of $1.4 million, leaving many investors with significant losses as the token's value dropped by 97%. The false advertisement prompted a 44,367% spike in the token's price. Following the incident, a community group formed to try and recover losses, including efforts to draw attention from MMA reporters. The hack exemplifies a growing trend where prominent companies are targeted by attackers to promote cryptocurrency scams, similar to previous incidents involving brands like McDonald's. Despite the situation, investors remain hopeful following the announcement of upcoming events in the UFC.

Source 🔗