Bijan Tehrani, the co-founder of KickStreaming, immediately responded to the problem on X. There, he explained that the Kick token publicly posted about was neither a real token nor was the platform planning to bring any token out. He encouraged users to report those scam posts since the company was trying to regain control of its account. 

Scam tokens on the rise

Cybercriminals often use famous social media account hacks as a means of promoting their fake tokens and scams based on the trust and authority coming with legitimate accounts. In the crypto industry, such hacks are especially destructive because users often rely on the platforms and influencers for their information.

One of the most recent cases was the X account hack related to Philip Bankss, the artist behind Chill Guy. Unauthorized users hacked into his accounts and started using them to advertise a meme coin of the same name, claiming he had licensed his intellectual property and artwork for the project. He publicly denounced scamming by stating that he neither supported nor allowed them to use his work in the crypto space.

Solana (SOL) blockchain, known for its fast transactions with low fees, has also become a constant target of many scammers. Its technical features have been weaponized by scammers to their advantage. Recently, scammers manipulated Solana’s “Permanent Delegate” extension, which was meant to retrieve mistakenly burnt tokens. As a consequence, this has left several victims with zero balances for confirmed swaps.