The official X account of the legendary heavy metal band Metallica was recently compromised, with hackers exploiting the breach to promote a fraudulent Solana-based cryptocurrency token called METAL. The incident marks another instance of cybercriminals targeting high-profile accounts to lend credibility to their schemes.

Upon regaining control, Metallica’s team swiftly deleted all posts related to the unauthorized promotion. The initial fraudulent post appeared on June 26, falsely claiming that the METAL token was launched in partnership with Ticketmaster. However, the token was actually launched on the Solana-based token deployer platform, pump.fun. Despite the claims made in the post, Ticketmaster made no official announcement regarding any such partnership and did not immediately respond to requests for comments on the matter.

Further compounding the deceit, posts from Metallica's hacked account alleged involvement from the fintech firm MoonPay. However, MoonPay's president, Keith Grossman, quickly dispelled these claims in a post on X, stating unequivocally, “MoonPay does NOT support METAL.” MoonPay later posted a tongue-in-cheek warning: “If someone is offering you a METAL token, they are not the master of puppets — they’re the master of scams!” This witty reference to Metallica’s iconic 1986 album and song "Master of Puppets" aimed to alert fans and potential investors to the fraudulent nature of the token.

The hacked account attempted to entice users with promises of exclusive perks for METAL token holders, such as “free concert tickets,” custom gaming consoles, and band merchandise. One post even misleadingly claimed that the token would offer staking rewards, a common incentive in the cryptocurrency space meant to attract investors.

Despite the short-lived hype, the METAL token saw a rapid spike in value, briefly peaking at $3.37 million in total value roughly 20 minutes after its launch, according to data from Dexscreener. However, this surge was fleeting. Within hours, the token’s market capitalization plummeted to just $90,000, and its price nosedived nearly 100% from its high point, highlighting the volatile and often fraudulent nature of such schemes.

The method by which Metallica’s account was breached remains unclear, and neither the band nor its management team could be immediately reached for comment. This incident serves as a stark reminder of the risks associated with online security breaches and the potential for exploitation in the rapidly evolving cryptocurrency market. Fans and followers are urged to stay vigilant and verify the authenticity of such announcements through official channels before engaging in any transactions.