The cryptocurrency that grew by 2600% after Elon Musk’s tweet is named

Editor’s note: not financial advice!

The PSYOP cryptocurrency, which security analysts at PeckShield have labeled as fraudulent, instantly surged 2600% after Elon Musk’s tweet. The billionaire published a post with the words: «I woke up and saw another PSYOP».

At the time of writing, the price of PSYOP has dropped by 25% per day. According to experts, the token’s popularity has also increased amid the attempted coup in Russia. Over the weekend, users were buying up PSYOP («Psycho» in Ukrainian).

Here we go again pic.twitter.com/7K9UW9LbJz

— Elon Musk (@elonmusk) June 25, 2023

Elon Musk, known for his controversial statements about the Russian-Ukrainian war, could not stay away from the «Prigozhin rebellion», posting memes on his Twitter page. Earlier this year, Musk refused to delete a tweet by former President of the terrorist state Dmitry Medvedev that «Ukraine will disappear because no one needs it.»

The head of the social network emphasized that Twitter «will not promote, but will not restrict» Russian government accounts. The platform will also «not engage in censorship.» Obviously, Musk is not only deliberately disclaiming responsibility for the information war on Twitter, but also giving media publicity to the events in Russia.

Regarding PSYOP, analysts have once again warned crypto investors who succumbed to the impulse to make money on the total craze for a dubious token about the danger of losing all their funds. According to PeckShield, when stealing funds, fraudsters use a scheme to pump up the liquidity of a token, followed by emptying the pool and hiding digital traces. This is exactly what can happen with PSYOP.