Influencer Mika loses MIKA token supply after posting private key

Crypto influencer Mika, known on X as @mikadontlouzon, accidentally posted the private key to her developer wallet instead of the contract address for her new memecoin, Free Mika (MIKA). The error occurred on a Wednesday evening, allowing users to access the wallet and drain funds within 81 seconds.

According to blockchain data, approximately 500.44 million MIKA, representing half of the total supply, was moved from the developer wallet and sold shortly after. This resulted in a 99% crash in the token price. Following the incident, Mika launched a second version of the token, which reached a peak market cap of approximately $1.5 million before declining.

The event took place on the Solana blockchain during a period of market volatility, as Solana prices fell below $100 around the same time.