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Caitlyn Jenner’s JENNER token sparks controversy
Caitlyn Jenner, former Olympic athlete and member of the Kardashian-Jenner family, caused a stir in the cryptocurrency community with the announcement of her namesake token, JENNER.
Its X (Twitter) and Instagram accounts revealed the launch, sparking widespread debate and suspicion. The JENNER token announcement came amid a wave of similar hacks targeting other crypto influencers and celebrities, increasing skepticism.
What’s behind the JENNER token?
Jenner’s X and Instagram accounts in the foreground video of her promoting the JENNER token. These were accompanied by statements from her manager, Sophia Hutchins, who assured followers that the project was legitimate and not a scam.
Hutchins emphasized his role in overseeing the project, insisting that Jenner’s accounts were secure and insecure compromised by hackers. Despite these reassurances, skepticism persisted within the crypto community.
“A lot happened today, and yes, this cryptocurrency in my account is real. If you want to get into this matter, get in quickly. Come right in,” she said.
To know more: Cryptocurrency Social Media Scams: How to Stay Safe
The concerns prompted the crypto community to invite Jenner to a Twitter space discussion, but was unable to attend. Instead, Hutchins spoke on his behalf. However, she failed to provide clear answers on the token’s value proposition.
Following the discussion, the community has mixed reactions. Some members remained optimistic, while others he suspected a coordinated scam.
Further doubts arose when it was discovered that the wallet address associated with the Jenner token it was previously linked to another account hacked belonging to adult content creator Kazumi, who promoted a different token, ZUMI, a few days earlier. Meanwhile, some speculated that scammers used deepfake technology to impersonate Jenner in promotional videos.
The JENNER token debuted on pump.fun, a Solana-based platform for meme coins. Pump.fun’s official X account is also active promoted the JENNER token, further blurring the line between a genuine launch and potential fraud.
Despite these concerns, the token saw a dramatic price increase of 28,000% in a single day. Data from the DEX Screener reveals that JENNER has reached a market capitalization of $18 million.
The concern is well-founded, as is often the case with malicious actors exploiting celebrity fame for illegal activities, especially with meme coins that have no practical use. Recently, the famous cryptocurrency investor Gigantic-Cassocked-Rebirth (GCR) confirmed their X account was hacked.
The hacked account posted about ORDI and LUNA2 on May 26. The post caused both tokens to rise by 6% and 274% respectively.
Likewise, the American rapper Rich The Kid shared a connection with its 2.3 million followers to purchase a new token, RICH, launched on pump.fun. In the first two hours, the token quickly reached a market capitalization of $90,000. Although it’s unclear whether Rich The Kid is Account X has been hackedthe post was later deleted.
To know more: Crypto Scam Projects: How to Spot Fake Tokens
The controversy highlights its potential risks and vulnerabilities in the crypto space, mainly involving high-profile figures. These vulnerabilities are a major reason why some regulators approach the industry with caution and stringent measures. As the situation evolves, the crypto community remains divided on the legitimacy of the JENNER token and its future impact.
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