METAL Token Scam: Hackers Deployed Solana-Based Token and Skyrocketed Its Value Before Cashing Out

According to the now-deleted post of the alleged hacker, the Solana-based token deployed on pump.fun called METAL was made in cooperation with ticket

A new Solana-based token called METAL has been deployed on pump.fun, and people are being scammed into buying it. The scam post, which has since been deleted, claimed that the token was being launched in cooperation with Ticketmaster. However, Ticketmaster never announced any event that would be connected to the token.

As the scam spread, MoonPay President Keith Grossman reposted the marketing hoax and included a warning for the users of their platform. He clarified that Metallica had nothing to do with the launch of METAL.

“If someone is offering you a $METAL token, they are not the master of puppets — they’re the master of scams,” Grossman said, referencing Metallica's album Master of Puppets.

pls be careful. MoonPay does NOT support $METAL on @solana. https://t.co/oEd5Pzmdn9

The announcement from the hacker caused METAL to skyrocket to about 0.003353 SOL at around Wednesday midnight (UTC standard time). Its market cap also peaked at about $43,000, according to Dexscreener data.

However, as people started to realize the scam and the market manipulator began cashing in on the hoax, the token abruptly lost about 90% of its total market value. At 6:00 PM UTC, METAL's price continued to plummet at 0.00002115 SOL, which is more than 99% lower than its peak.

Metallica has already deleted all posts related to the hacking incident, but many people apparently fell for the rug pull incident, based on the remaining comments on the perpetrator's original post and the responses to Grossman's warning.

Meanwhile, Metallica and the other parties involved in the rug pull incident have yet to post an official statement on the matter or respond to requests for interviews. Instead, the band has been promoting its collaboration with Fortnite.

On June 23, Metallica announced the Fortnite event called “Metallica: Fuel. Fire. Fury. Experience.” The partnership brought the avatars of the iconic metal group to the metaverse so players could jam with them. It also allowed Fortnite to use the band’s five classic tracks as well as its live rendition of Ennio Morricone’s classical work titled “The Ecstasy of Gold.”

Master of puppets, we’re pulling your strings. Your guitar strings, that is. ? Complete Metallica Quests in Festival to earn James's Snakebyte ESP Guitar and Robert's Warwick M72 Bass! pic.twitter.com/mDz7QSdDUf

Fortnite also unlocked several items that were related to the limited-run special event. These included James Hetfield’s iconic Snakebyte ESP Guitar and Robert Trjillo’s famous Warwick M72 Bass.