The Solana-based meme coin $CHILLGUY experienced a significant decline following the hacking of an account associated with meme creator Philip Banks. The incident occurred after a fraudulent announcement regarding an IP licensing deal led to a 22% surge in the token's value. In a related event, Canadian rapper Drake's X account was also reportedly hacked, promoting a low-cap Solana memecoin to his over 39 million followers. This promotion generated a trading volume of $5 million before it was determined that the posts were fake. The recent spate of hacks has raised concerns about security on social media platforms, particularly as several high-profile accounts have been compromised in similar incidents.