Celebrities Caitlyn Jenner and Rich The Kid began boosting namesake crypto memecoins on their respective X accounts over Memorial Day weekend, prompting hacking concerns from X users.
In a late Sunday X post, reality TV star and Olympic athlete Caitlyn Jenner announced she launched her own cryptocurrency token, JENNER, using Solana memecoin creator pump.fun.
As of Monday morning, JENNER had reached a market capitalization of $37 million.
make america great again!!!  and we love crypto!
https://t.co/SiYwteBGkv @pumpdotfun pic.twitter.com/3IDlAoaQJq
— Caitlyn Jenner (@Caitlyn_Jenner) May 26, 2024
Keeping Up With Caitlyn Jenner’s Crypto Token
“I’m bullish as ever on crypto! We cannot rely simply on govt backed currencies- esp today with rampant inflation and massive govt spending,” Jenner said. “And ofc that doesn’t just include $Jenner but it doesn’t hurt adding to a well balanced portfolio!”
Following hacking concerns, Jenner and her manager, Sophia Hutchins, posted videos on her X account confirming the memecoin’s validity.
“Her account has not been hacked,” said Hutchins, adding that the cryptocurrency is “performing extraordinarily well.”
“Yes, this is for real,” Jenner said. “Get involved. It’s going to be very good. I’m very excited about it.”
Not everyone was convinced of the token’s legitimacy, however, with several X users suggesting the videos could be deepfakes.
Rich The Kid At Center Of Alleged Crypto Scam
In now-deleted X posts, rapper Rich The Kid similarly posted a pump.fun link advertising his new memecoin, RICH.
In a video posted Monday morning, Roger alleged his X page had been hacked without his knowledge, resulting in the promotion of RICH.
if anyone wants the TLDR on the @Caitlyn_Jenner situation here it is
She was never hacked, Her team was socially engineered by a guy named Sahil.
He was the “middleman” and his role was to launch the token for Caitlyn as the team didn’t know anything about crypto.
after… pic.twitter.com/yZloKHlon6
— Roxo (@CryptoRoxo) May 27, 2024
Roger mentioned this was done by an individual named “Sahil,” though no last name was given.
A user named @cryptoRoxo alleged this may be Sahil Arora, who reportedly served as a middleman for both Roger and Jenner’s crypto projects.
Celebrities have not been shy about trying their hand at cryptocurrency, with the U.S. Securities and Exchange Commission (SEC) charging high-profile figures such as Lindsay Lohan, Floyd Mayweather, Jake Paul, and Lil Yachty for illegally promoting crypto.
By Monday morning, Jenner had taken to X to warn investors of potential losses regarding her cryptocurrencies.
“Not all cryptocurrencies, tokens, coins, or other crypto assets, are the correct investment for all individuals,” Jenner wrote. “There is always a risk associated with any investment – including the loss of value.”
Meanwhile, RTK announced on X that a new cryptocurrency token separate from Sahil would launch by Monday night.
While it is currently unclear exactly who is behind the celebrities’ crypto promotion, both Jenner and Roger could face serious legal consequences should the memecoins prove to be scams.
The post Caitlyn Jenner And Rich The Kid X Accounts Push Memecoins, Sparking Scam Concerns appeared first on Cryptonews.