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 $80 million before crashing.

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.

Despite its fraudulent nature, the token reached a brief high of $80 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.TrendingRead More

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