The Dior coin suffered a dramatic 90% collapse after being exposed as a fraudulent Solana-based meme coin. The project was falsely promoted through Dior’s official Instagram account, which had been compromised by hackers.
On February 19, a post appeared on Dior’s official Instagram, introducing the “Dior Official Coin” and directing users to a pump.fun address for token access. Shared with the luxury brand’s 46.8 million followers, the post positioned the token as an “exclusive luxury crypto.”
Suspicion and Rapid Market Activity
Users quickly speculated that Dior’s account had been hacked, with some joking about the brand’s admin needing money. The post, featuring the Dior logo alongside Solana’s emblem, was deleted after the account was recovered. As of now, Dior has not issued any official statements regarding the security breach.
The Dior meme coin was launched on pump.fun and surged 138% within minutes of its release. Within 24 hours, trading volume exceeded $1 million, drawing significant speculation and trading activity.
Dior Coin Price Collapse
Following the account recovery and deletion of the fraudulent post, the Dior coin’s price plummeted over 90%. Despite a minor 2% uptick in the past hour, the token’s liquidity remains critically low at just $8,730, with a fully diluted volume of $6,430. At its peak, the market cap surpassed $280,000 but has now dwindled to $6,430. Currently, around 876 traders still hold the token.
The coin’s description falsely presented it as an “exclusive token” catering to Dior’s loyal shoppers. “Dior Coin is here to shake up the crypto world! This exclusive token, launched on Pump.fun, brings a touch of luxury to the digital space,” the description claimed.
Ongoing Crypto Scams Targeting Brands
This incident follows a similar attack earlier this month on the X account of Solana DEX aggregator Jupiter. Hackers took control of the account to promote a fake meme coin inspired by Jupiter’s cat mascot, called MEOW.
The Dior coin saga highlights the increasing trend of hackers targeting reputable brands to push fraudulent crypto schemes. The incident underscores the importance of verifying token legitimacy before investing, especially in the rapidly evolving meme coin space.
