Concerns of Scams Arise as Caitlyn Jenner and Rich The Kid X Accounts Promote Memecoins

Caitlyn Jenner and Rich The Kid have caused a stir in the crypto world by promoting their own memecoins on their X accounts, leading to concerns about scams. Over the Memorial Day weekend, Caitlyn Jenner announced on her X account that she had launched her own cryptocurrency token called JENNER, using the Solana memecoin creator pump.fun. By Monday morning, JENNER had reached a market capitalization of $37 million. However, some X users expressed doubts about the legitimacy of the token, suggesting that the videos posted by Jenner and her manager, Sophia Hutchins, could be deepfakes. Similarly, Rich The Kid advertised his memecoin, RICH, on his X account but later claimed that his page had been hacked without his knowledge. The alleged hacker, known only as “Sahil,” is believed to have acted as a middleman for both Jenner and Rich The Kid’s crypto projects. Celebrities venturing into cryptocurrency is not new, with high-profile figures like Lindsay Lohan, Floyd Mayweather, Jake Paul, and Lil Yachty facing charges from the SEC for illegally promoting crypto. As of Monday morning, Jenner took to X to warn investors about the potential risks associated with her cryptocurrencies. It remains unclear who is behind the celebrities’ crypto promotion, but both Jenner and Rich The Kid could face legal consequences if their memecoins turn out to be scams.