Instagram Accounts of Adele, Future, and Michael Jackson Hacked for Cryptocurrency Scam

A cryptocurrency scammer has made off with $49,000 by hacking the Instagram accounts of celebrities such as Adele, Future, and Michael Jackson to promote a fraudulent memecoin. The scammer used the accounts to post an AI photo of Future holding a large coin inscribed "FREEBANDZ," which drove nearly $900,000 in value to the scam token. The scammer dumped 700,000,000 FREEBANDZ tokens for $49,000, crashing the token's market cap to $10,000.

Canary Capital Group Inc. has submitted a registration statement (S-1) with the U.S. Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) that will track the price of the TRUMP memecoin, a digital asset introduced in January 2025 by former U.S. President Donald Trump [1]. The proposed Canary Trump Coin ETF aims to give investors a regulated, traditional investment vehicle to access the volatile token without the need for a cryptocurrency wallet or exchange account [2].

The fund would operate as a trust that holds TRUMP coins directly, with shares traded on a U.S. national exchange [3]. Its objective is to mirror the performance of the memecoin, minus expenses, by holding the underlying digital asset. The filing explicitly highlights the high level of risk associated with the investment, noting that TRUMP’s value is largely driven by online sentiment, cultural relevance, and social media trends, rather than any technological or utility-based foundation [4].

The move reflects a broader trend among asset managers seeking to bring politically aligned digital assets into the traditional financial system [5]. Canary is not alone in this endeavor—Rex Shares and Osprey Funds have also filed for TRUMP-focused ETFs, suggesting a competitive race to bring the product to market [6].

The proposed ETF comes as TRUMP’s price remains well below its January 2025 peak of $75, currently trading around $8.37 [7]. Over the past week, it has declined by 3.3%, and is now over 88% below its all-time high. Despite the volatility, the memecoin maintains a market capitalization of $1.67 billion, ranking among the top six meme coins globally [2].

In addition to the TRUMP ETF, Canary Capital is also seeking approval for another crypto fund, the “American-Made Crypto ETF” (ticker MRCA), which would track a basket of U.S.-based cryptocurrencies such as XRP, Solana, Cardano, Chainlink, and Stellar [2]. The fund plans to incorporate staking rewards and will use a South Dakota-based trust company for custody, with most assets stored in cold wallets.

The SEC has faced increasing pressure to expedite digital asset ETF applications, but the approval process remains slow and uncertain [4]. Several ETFs, including those tied to SOL, XRP, SUI, and PENGU, are currently under review. Recent guidance from the agency has provided some clarity on issues such as staking and custody, but a final decision on the TRUMP ETF is expected only after the full review period [6].

Analysts suggest that the TRUMP ETF could boost the token’s liquidity and attract both institutional and retail investors [5]. However, the fund’s performance will largely depend on macroeconomic conditions, political developments, and the SEC’s final ruling. The filing also underscores the growing convergence between cryptocurrency and political branding, as digital assets increasingly serve as both financial instruments and ideological platforms [3].

The S-1 filing was first published on August 24, 2025, and is publicly accessible via the SEC’s EDGAR database. As of the filing date, details such as management fees, listing venue, and distribution methods remain undisclosed [6].

References:

[1] https://news.bitcoin.com/canary-capital-seeks-sec-approval-for-trump-meme-coin-exchange-traded-fund/
[2] https://thecryptobasic.com/2025/08/26/canary-capital-seeks-sec-approval-for-etf-on-president-trumps-memecoin/
[3] https://coincentral.com/canary-capital-seeks-green-light-for-trump-coin-etf/
[4] https://abcnews.go.com/Business/wireStory/trump-family-crypto-empire-expands-crypto-partnership-124990307
[5] https://coinpedia.org/news/official-trump-price-rebounds-as-canary-capital-files-for-spot-trump-etf/
[6] https://www.sec.gov/Archives/edgar/data/2083122/000199937125012002/trump-s1_082625.htm