Luxury memecoin Dior collapsed by 99% in less than a day

It looks like, fraudsters switched to presidential coins on the brand. The official Instagram account of Dior, which has 46.8 million followers, suddenly advertised its own «luxury» memecoin on the Solana blockchain called Dior Official Coin. In just a few minutes, hundreds of people bought the token, and its value rose to $0.00099. The trading volume exceeded $1 million. As expected, the memecoin turned out to be scam. The Dior page was hacked and used to advertise a fraudulent coin launched on the Pump.fun platform. The Dior Official Coin was advertised as «secure, innovative, and future-ready».

As soon as Dior regained control of the account and deleted the fraudsters’ post, the token’s value dropped by 99% — to $0.000005. And the market capitalization is currently only $5.32 thousand.

Dior is not the first brand to fall victim to crypto fraud on social media. In 2022, fraudsters seized control of the NFT Bored Ape Yacht Club (BAYC) collection’s Instagram account and distributed fake links to «mint».