Prominent media personality Caitlyn Jenner has become entangled in a cryptocurrency exit scam involving a fraudulent coin named JENNER, which plummeted in value shortly after its launch.

Jenner, an Olympic gold medalist and former reality TV star, was allegedly manipulated into promoting the scam coin through social engineering tactics. The incident has sparked widespread reaction within the cryptocurrency community, with many speculating that Jenner’s social media account had been hacked. However, Roxo, a notable figure in the crypto world, clarified that Jenner's account was not compromised but was instead exploited by an intermediary identified as Sahil.

The saga began when Jenner’s X account (formerly known as Twitter) posted a tweet endorsing the JENNER meme coin. The tweet, which included a photo of Jenner with former U.S. President Donald Trump, encouraged followers to participate with the message, “Let’s all win together!! Send me some of your favorite memecoins here.”

Shortly after the token’s launch, the developer sold off all holdings, leading to a sharp decline in value and raising alarms among investors. Despite initial reassurances from Jenner’s manager, Sophia, that it was not a rug pull, the developer’s actions confirmed the worst fears of many. The token, launched on the Solana-based platform pump.fun, briefly soared to a market capitalization of $20 million before collapsing.

Further investigations revealed a connection to a previous incident involving Kazumi, an adult content creator whose account had been hacked to promote another scam token, ZUMI. The same wallet address linked to the JENNER scam was implicated in this earlier fraud.

Even with the controversy, Jenner's X account continued to promote the token. On-chain data revealed that the JENNER token experienced an extraordinary surge of 28,000% within a single day, eventually reaching a market capitalization of $18 million according to DEX Screener.

The developer behind this scam has a history of orchestrating multiple rug pulls, exploiting influencer promotions to lend credibility to fraudulent tokens. This incident follows a similar pattern to the URF meme coin scam, where the development team absconded with 2,400 SOL, valued at approximately $450,000, during the coin’s presale, as reported by on-chain researcher ZachXBT.

These events underscore the ongoing security challenges within the cryptocurrency space, highlighting the need for greater vigilance and regulatory oversight to protect investors from such malicious schemes.