In summary
Nasdaq’s official X account was hacked.
The hackers used the account to promote a meme coin called STONKS.
STONKS’ market cap surged before quickly plummeting once the fraudulent news was discovered.
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According to BeInCrypto’s observations, Nasdaq’s official X account was hacked. Hackers then used the account to promote a meme coin called STONKS.
After successfully hacking Nasdaq’s official X account, the hackers used it to repost a message from another X account. This account was impersonating a branch of Nasdaq. The content of the post promoted a meme coin called STONKS.
BeInCrypto’s investigation also revealed that this meme coin was created very recently. To expedite its launch, it appears to be a fork of another meme coin with the same name on the Solana platform. After Nasdaq’s X account was hacked and used to promote this meme coin, the resulting FOMO from the community pushed its market cap to nearly $100 million. However, once the post was deleted and the fake account was suspended,
Data from dexscreener shows that the STONKS meme coin currently has a market cap of approximately $3.4 million. Thus, those who FOMOed into this meme coin early on have likely lost almost their entire investment in a short period. The extent of the damage surrounding this hack is still unclear. BeInCrypto will provide updates to readers in subsequent articles.
This is not the first time we have witnessed the hacking of X accounts belonging to large organizations to promote crypto. With the Solana network experiencing a surge in excitement following the success of the TRUMP and MELANIA meme coins, it has become an even bigger target for scammers in this market. Therefore, investors need to be cautious about any information source.
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