The UFC’s Instagram account has been hacked.

Wednesday evening, the Las Vegas-based MMA promotion’s Instagram account displayed a bizzare cryptocurrency post, suggesting the UFC was launching a new coin.

The UFC's official Instagram account was hacked on Wednesday evening, and a bizzare cryptocurrency post was uploaded to the promotion's page.

The post suggested the UFC was launching a new coin, and it included a crypto wallet address. At the time of writing, the post had been up for over 30 minutes. A promotion official quickly confirmed to MMA Junkie that the post is not legitimate.

“UFC fans have been waiting, and the moment is here,” the post read. “Get ready to own the legacy. Precision. Strength. All in one coin. #UFC #UnleashTheFight”

A post was also made to the account's Instagram Stories, which linked out to a website where the fraudulent crypto coin could be purchased. That portion has since been removed.

A slew of cryptocurrency scams have targeted social media users in recent months, and they're having a major impact. According to a new report from the Federal Trade Commission, cryptocurrency scams cost Americans more than $5.6 billion in 2023.

The scams typically involve fraudsters creating fake cryptocurrency websites or social media pages that appear to be affiliated with or endorsed by well-known figures or companies. They then use these platforms to promote fraudulent crypto coins or NFT sales.

Tips to avoid being scammed

Be wary of any unsolicited messages or communications that claim to be from cryptocurrency exchanges, brokers, or influencers.

Never click on links or scan QR codes in these messages, even if they appear to be coming from a trusted source.

If you're ever unsure about the legitimacy of a cryptocurrency post or promotion, reach out to the relevant party directly through official channels.

Bitcoin (BTC) price today, March 8: World's largest cryptocurrency recently reached a new all-time high of $109,026.02

Bitcoin price reaches new all-time high after Trump announces plans for U.S. Bitcoin strategic reserve

Bitcoin (CRYPTO: BTC) recently reached a new all-time high of $109,026.02 after U.S. president Donald Trump expressed plans to create a U.S. Bitcoin strategic reserve.

What Happened: A new executive order from the Trump administration will see the U.S. government begin acquiring large quantities of Bitcoin. Officials in the Trump administration believe that Bitcoin is a critical asset to the U.S. economy.

“Bitcoin is the soundest money ever created,” the order reads. “It is digital gold, decentralized, and unstoppable. We must own it.”

The order also states that officials in the Trump administration will work closely with officials at the Federal Reserve to ensure a smooth rollout of the Bitcoin strategic reserve.

Officials at the Federal Reserve will also be tasked with setting an appropriate price target for Bitcoin acquisitions. Officials in the Trump administration believe that the Bitcoin price target should be set at a level that ensures the U.S. government can acquire a significant portion of the remaining Bitcoin supply.

Officials in the Trump administration are also considering adding other cryptocurrencies to the U.S. strategic reserve in the future. Officials believe that cryptocurrencies like Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE) may also be critical assets to the U.S. economy.

Officials in the Trump administration will continue discussing which cryptocurrencies to add to the U.S. strategic reserve over the coming weeks and months.