The Dior Coin has seen a dramatic crash of more than 90% after it was exposed as a fake Solana meme coin, promoted through a hack on the luxury brand’s official Instagram account.
On February 19, Dior’s verified Instagram account, which boasts 46.8 million followers, shared a post promoting the Dior Official Coin, a new meme token launched on the Solana blockchain via the meme coin launchpad pump.fun. The post also included a link to the pump.fun address, where users could access the token. The caption read: “DIOR OFFICIAL COIN. The exclusive luxury crypto on Pumpfun, Secure, innovative, and ready for the future.” The post was accompanied by an image featuring the Dior logo with the Solana logo above it.
Despite appearing to be a legitimate promotion from the luxury fashion brand, many followers immediately raised concerns about the authenticity of the post. Some users suspected the account had been hacked, while others cracked jokes about the admin’s sudden financial need.
The post was quickly removed after Dior’s account was recovered, but by that point, the damage had been done. At the time of writing, Dior had not released an official statement addressing the hack or the fake promotion.
The meme coin, which was launched on the Solana blockchain via pump.fun, initially saw its value soar by 138% minutes after its release. According to data from GeckoTerminal, in just 24 hours, the Dior Coin generated more than $1 million in trading volume. However, once the post was deleted and the account restored, the coin’s value plummeted, crashing over 90%.
Currently, Dior Coin’s price has fallen significantly, though there was a slight 2% rebound in the past hour. The coin now has a market cap of only $6,430, a stark contrast to its peak of over $280,000. With a low liquidity of $8,730, only 876 traders are still holding onto the token, which now faces a nearly non-existent future.
The coin’s description claimed it was an “exclusive token” aimed at loyal Dior shoppers, but given the circumstances, it was clearly a scam. “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. It’s not about shopping Dior, but about owning a piece of the future in style,” the description read.
This hack is the latest in a series of high-profile social media account hijacks involving crypto scams. Earlier this month, the X account of Solana DEX aggregator Jupiter was also compromised to promote a fake meme coin called MEOW, which was inspired by the platform’s cat mascot.
While the hack and subsequent crash of Dior Coin serve as a cautionary tale about the risks of social media manipulation, it also highlights the growing concerns over the safety of high-profile accounts in the crypto world.
