Instagram Hack Pumps then Rugs Solana Meme Coin FREEBANDZ
Multiple high-profile Instagram accounts, including Adele, Future, Tyla and the Michael Jackson estate, were compromised in a hack to promote a fraudulent Solana-based meme coin called FREEBANDZ. Launched on Pump.fun, the token’s market cap surged to nearly $900,000 within minutes. On-chain data links the attack to two wallets. The first wallet (ending zcmPHn) dumped 700 million FREEBANDZ for 251.41 SOL (about $45,600); the second wallet (ending bTp) swapped 85.6 million tokens for roughly $13,300. The rug pull drove the market cap down to under $20,000. Attackers netted over 251 SOL (~$49,000) before abandoning the project. No celebrity has commented. This Solana exploit highlights ongoing security risks of celebrity social media accounts and the extreme volatility and scam potential in Solana meme coin markets. Traders should exercise caution when trading new meme tokens on Solana.
Bearish
The hack-and-rug pull of FREEBANDZ erodes confidence in newly launched Solana meme coins. In the short term, the rapid crash and significant losses may trigger sell-offs of similar tokens. Over the long term, repeated scams are likely to heighten due diligence, reduce speculative appetite, and dampen liquidity in the Solana meme coin segment.