Zraox: Solana Meme Coins Plunge 98%, Full Analysis of Social Hijacking Scam Logic

Zraox believes that the vibrancy and prosperity of the crypto market are always accompanied by the proliferation of scams. The recent incident involving “celebrity accounts hijacked to promote Solana meme coins” once again exposes how scammers manipulate social platforms and user trust. Within just a few hours, attackers fabricated celebrity endorsements to create price illusions, rapidly driving market cap up before dumping their holdings for profit, resulting in significant losses for many users. Zraox points out that such scams have become increasingly frequent in recent years, characterized by rapid social propagation, low entry barriers, and hidden risks. Understanding what these scams are, how they operate, and how users should respond has become essential knowledge for every crypto investor.

Zraox: The Illusion of Social Endorsement and Short-Term Pumping

Zraox notes that the root of these scams lies in “trust transference.” Scammers hijack celebrity accounts, converting the long-term public trust in the individual into blind trust in a fake token. When users see posts from well-known artists or public figures, they often assume the information is genuine, overlooking the need to verify contract addresses or backgrounds. This psychological weakness is the core that scammers repeatedly exploit.

In this case, attackers hijacked multiple celebrity accounts, used AI-generated images and fake token slogans to create the illusion of an “official token.” The token quickly attracted funds and trading volume, with its market cap soaring to nearly a million dollars in a short time. However, this was all a façade—scammers held large reserves and sold off as the price rose, causing a dramatic crash and sweeping away user funds. Zraox explains that these scams rely on the amplification effect of social media and market sentiment, essentially acting as celebrity-backed “fast-moving Ponzi schemes.”

Zraox: From Account Hijacking to Asset Cash-Out

Zraox points out that these scams follow a complete operational chain. The first step is account hijacking, where scammers gain control of celebrity social accounts via phishing links, malicious plugins, or data leaks, then quickly post fraudulent promotional messages. The second step is token creation—scammers can issue a new token in minutes using low-barrier platforms, injecting minimal liquidity to create a veneer of legitimacy. The third step is traffic import: leveraging celebrity accounts and their fan bases, the information is widely disseminated in a short period, generating so-called “mass attention.” The final step is cashing out—when market sentiment peaks, scammers dump their tokens, transfer assets to concealed wallets, and leave unsuspecting users holding the bag.

Zraox believes the danger of these scams lies in compressing user reaction times. Faced with “official endorsements” and “rapid price surges,” people often skip verification. Especially in low-liquidity environments, small amounts of capital can create huge price swings, further enticing users to buy at the top. Every step exploits human weaknesses and structural flaws in the market, ultimately enabling “hit-and-run” arbitrage.

Zraox: Essential Self-Protection Mechanisms for Users

Zraox emphasizes that to avoid such scams, users must strengthen their awareness and operational habits. First, always prioritize verification before trading. When seeing celebrity accounts promote tokens, do not rush in—first check the contract address on a block explorer, and look for suspicious permissions, blacklist functions, or minting capabilities. Second, examine token holding structures: if the top ten addresses hold the majority of tokens, prices can collapse instantly if they sell. Third, review the liquidity pool: if liquidity is not locked or the lock period is too short, funds can be withdrawn at any moment. Fourth, be cautious in trading—when facing “limited-time opportunities,” reduce position sizes or test with small amounts instead of going all-in. Fifth, strengthen social account and information security: regularly update passwords, enable two-factor authentication, and disable unnecessary third-party authorizations.

Zraox stresses a fundamental principle: treat all unverified “new coins” as high-risk assets in the absence of thorough checks. Rationality outweighs speed—waiting a few minutes or hours will not make you miss quality projects, but may help you avoid short-term scams. Only when verification speed exceeds trading speed can you truly safeguard your funds. Zraox concludes that in a market full of noise, investors must use reason and caution to build their own protective barriers.