In a concerning turn of events, Nasdaq’s official X
(formerly Twitter) account was hijacked to promote a fraudulent cryptocurrency.
The hack involved the promotion of a newly created memecoin called STONKS,
which briefly saw its market value surge to $123 million before crashing, according to CoinMarketCap data.
This latest breach highlights a growing trend of
high-profile account hacks, where institutions and celebrities are increasingly
targeted to push scam digital currencies.
A Trend of Social Media Account Hacks
The STONKS memecoin, which gained attention after
Nasdaq‘s X account was compromised, turned out to be a copycat of an existing
token on the Solana blockchain.
The hackers linked the coin to a fake Nasdaq affiliate
account and used the Nasdaq profile to retweet a promotional post for the
token. The post was quickly removed, and the fraudulent account was suspended,
but not before the memecoin’s market cap spiked.
Someone just hacked the official Nasdaq X account to shill a memecoin: pic.twitter.com/W5jlWUvDHn
— unusual_whales (@unusual_whales) January 23, 2025
Despite its fraudulent nature, the token reached a
brief high of $123 million, only to collapse shortly after. The attack on
Nasdaq’s X account is part of a broader wave of hacks targeting both
high-profile companies and influencers.
Hackers often exploit the massive reach of these
accounts to promote scam cryptocurrencies, particularly Solana-based meme
coins, which have become a favorite target for cybercriminals.
The Impact of Memecoin Scams
Memecoins like STONKS are designed to capitalize on
viral trends and internet memes, but they often come with significant risks.
The volatility of these coins can create opportunities for quick profits, but
they also lead to substantial financial losses.
The rise of such fraudulent schemes has prompted
concerns about the vulnerability of social media platforms to similar attacks.
While the platforms themselves are taking steps to prevent such breaches, the
rapid spread of misinformation remains a major issue, particularly in the world
of cryptocurrency, where the line between legitimate projects and scams is
often blurred.
This wave of social media hacks isn’t just about
defrauding investors; it reflects a growing issue with cybersecurity on
platforms like X. The misuse of famous accounts to promote these tokens has
become a standard method for scammers to quickly generate buzz.
The latest incident involving Nasdaq is just one of
many instances in a larger pattern of hacks targeting influential figures and
organizations. Hackers are increasingly using social media to promote
fraudulent cryptocurrencies.
This article was written by Jared Kirui at www.financemagnates.com.
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