The meme coin rumor of Ronaldo causes a $143 million scam

A wave of rumors that football superstar Cristiano Ronaldo will release an official meme coin has led to the emergence of many fake tokens, one of which reached a market cap of $143 million before collapsing by 98% in just 15 minutes.

Development of the incident

Over the past weekend, rumors about #Ronaldo preparing to launch a meme coin spread widely. Taking advantage of this, many fake tokens, including one named #CR7 , were launched on the Solana network. A token promoted by a group of influencers surged to a market cap of $143 million in just 6 minutes, before being massively sold off and completely collapsing.

According to the analysis company Bubblemaps, this was an organized "rug pull" carried out by a group of influencers. They used Ronaldo's credibility to attract investors, then sold off all the tokens they held. The promotional posts were deleted shortly after.

Lessons from the scam

This incident serves as an important reminder of the risks of the market #memecoin⁠⁠⁠⁠ , especially those tokens created based on rumors and social media hype. Investors need to be extremely cautious and seek reliable sources of information. So far, Ronaldo only has NFT collections in partnership with Binance and has not made any official announcements about his own cryptocurrency.