beincrypto.com
Caitlyn Jenner, the former Olympic athlete and member of the Kardashian-Jenner family, has caused a stir in the cryptocurrency community with the announcement of her eponymous token, JENNER.
Her X (Twitter) and Instagram accounts revealed the launch, leading to widespread debate and suspicion. The JENNER token’s announcement came amid a wave of similar hacks affecting other crypto influencers and celebrities, adding to the skepticism.
What’s Behind the JENNER Token?
Jenner’s X and Instagram accounts featured videos of her promoting the JENNER token. These were accompanied by statements from her manager, Sophia Hutchins, who assured followers that the project was legitimate and not a scam.
Hutchins emphasized her role in overseeing the project, insisting that Jenner’s accounts were secure and not compromised by hackers. Despite these reassurances, skepticism persisted within the crypto community.
“A lot has been going on today, and yes this crypto on my account is real. If you wanna get in on this, get in in a hurry. Get in right now,” she said.
Read more: Crypto Social Media Scams: How to Stay Safe
The concerns prompted the crypto community to invite Jenner to a Twitter Space discussion, but she could not attend. Instead, Hutchins spoke on her behalf. However, she failed to provide clear answers about the token’s value proposition.
Following the discussion, the community has mixed reactions. Some members remained optimistic, while others suspected a coordinated scam.
Further doubt arose when it was discovered that the wallet address associated with Jenner’s token was previously linked to another hacked account belonging to adult content creator Kazumi, who promoted a different token, ZUMI, just days earlier. Meanwhile, some speculated that scammers used deepfake technology to impersonate Jenner in promotional videos.
The JENNER token debuted on pump.fun, a Solana-based platform for meme coins. Pump.fun’s official X account also actively promoted the JENNER token, further blurring the lines between a genuine launch and potential fraud.
Despite these concerns, the token experienced a dramatic price increase of 28,000% in just one day. DEX Screener data reveals that JENNER has achieved a market capitalization of $18 million.
The concern is valid, as malicious actors often exploit the fame of celebrities for illegal activities, particularly with meme coins that have no practical use. Recently, prominent crypto investor Gigantic-Cassocked-Rebirth (GCR) confirmed their X account was hacked.
The hacked account posted about ORDI and LUNA2 on May 26. The post caused both tokens to spike by 6% and 274%, respectively.
Similarly, American rapper Rich The Kid shared a link with his 2.3 million followers to buy a new token, RICH, launched on the pump.fun. Within the first two hours, the token quickly reached a $90,000 market cap. Although it remains unclear if Rich The Kid’s X account was hacked, the post was subsequently deleted.
Read more: Crypto Scam Projects: How To Spot Fake Tokens
The controversy highlights the potential risks and vulnerabilities in the crypto space, especially involving high-profile figures. These vulnerabilities are a key reason why some regulators approach the industry with caution and stringent measures. As the situation develops, the crypto community remains split on the legitimacy of the JENNER token and its future impact.