How Fake Hulk Crypto Tributes Scammed $7M From Unwary Traders

The death of wrestling legend Hulk Hogan (real name Terry Bollea) triggered an unexpected wave of opportunistic schemes in the crypto space. Within hours of the announcement, memecoin projects bearing his name flooded decentralized exchanges, with the largest reaching a staggering $7 million market valuation before evaporating almost entirely. This incident exposes how emotion-driven investment and inadequate due diligence continue to fuel memecoin disasters.

The Memecoin Market’s Latest Hulk-Themed Fraud

The token HULK/SOL, branded as a “Hulk Hogan Tribute,” became one of the most brazen examples of opportunistic memecoin issuance. Trading activity accelerated rapidly on decentralized platforms as retail investors rushed to participate, many hoping to honor the late icon. However, within a single trading candle, the token’s entire thesis collapsed spectacularly.

The numbers tell a devastating story: from a peak market capitalization of $7+ million, the token crashed to just $5,700 in market cap, with only $7,100 in remaining liquidity. This represents a catastrophic 99.7% loss in 24 hours. The crash coincided with the token’s liquidity being drained, leaving holders with worthless positions. Trading data from DexScreener documented the rapid ascent followed by the cliff-like collapse that characterizes many memecoin rug pulls.

When Crypto Scams Exploit Emotion and Celebrity

The surge in HULK/SOL trading volume was artificially amplified by automated trading bots, which created the illusion of sustained demand and encouraged further retail participation. While some traders saw an opportunity to pay tribute to Hogan through NFT collections and tokens, blockchain security analysts quickly flagged the HULK project as a coordinated scheme rather than an organic community initiative.

On-chain monitors identified multiple red flags: suspicious chart patterns, concentrated ownership, and behaviors consistent with known rug-pull methodologies. The crypto community issued warnings, but sentiment and FOMO overrode caution for many participants. The token’s collapse served as another harsh reminder that celebrity-backed memecoins—even posthumous ones—remain high-risk vehicles prone to exit scams.

A Pattern Emerges: Hulk Hogan’s History With Shady Tokens

This wasn’t the first instance of Hulk Hogan’s name being exploited for crypto schemes. Back in 2023, his official X account (formerly Twitter) was compromised and weaponized to promote the “Hulkamania” token. That project ended in a textbook rug pull, devastating investors who had been lured in by the apparent celebrity endorsement.

Interestingly, following the recent news of Hogan’s death, some traders attempted to revive the original HULK token from that 2023 incident, hoping for a replay of the initial hype cycle. However, the revival never achieved the same heights as the new tribute token, and it similarly crashed within hours. The pattern reveals a systematic abuse of celebrity identity in the memecoin ecosystem—whether through hacked accounts, unauthorized impersonation, or opportunistic launches.

The Ben Askren Parallel: Celebrities and Compromised Accounts

In a parallel development, former UFC fighter Ben Askren found himself unwittingly caught in another memecoin trap. Recently discharged from the hospital following a life-threatening pneumonia case and double lung transplant, Askren’s X account posted a promotion for FUNKY, a Solana-based memecoin named after his MMA fighting nickname.

The token was allegedly orchestrated by Sahil Arora, a serial rug-puller with a documented history of similar schemes. The promotion triggered a brief price spike, but the operator drained the entire token supply almost immediately, walking away with just $1,200 in proceeds before the token’s price collapsed to zero. The crypto community suspects that either Askren’s account was hacked or accessed without authorization, given the suspicious timing—mere hours after his hospital discharge—and the pattern matching previous compromises.

Askren’s team has not formally confirmed whether the post represented an authentic endorsement, a security breach, or account compromise. The incident adds to a growing catalog of celebrity accounts being weaponized for memecoin fraud.

The Broader Lesson for Crypto Participants

These incidents underscore persistent vulnerabilities in the memecoin ecosystem: celebrity exploitation, automated manipulation, emotion-driven decision-making, and inadequate security practices. Whether through legitimate accounts or compromised ones, the crypto market continues to see bad actors leverage famous names to lure retail investors into schemes with minimal fundamentals and maximum exit-scam potential. Community vigilance and regulatory frameworks remain essential safeguards.