Private stock exchange based in New York Nasdaq‘s official X account was taken over by unidentified people. Hackers used the account to promote a memecoin called “STONKS.” While the incident made a big impact in a short time, the relevant post and the related fake account were removed by the platform.
How Did Fake Memecoin Appear?
Hackers promoted a fake memecoin using Nasdaq’s official account. A fake X account created during this process was disguised as being affiliated with Nasdaq. The account in question STONKS While promoting the memecoin named Memecoin, the official Nasdaq account also shared this post and supported the fraud plan. However, in a short time, X suspended the fake account and deleted the contents.
fake STONKS memecoinIt emulated a Solana-based project of the same name. The original STONKS project on Solana owns the intellectual property rights to this meme character. However, the fake project introduced by hackers quickly attracted attention. Fake memecoin reached a market value of $80 million in the first stage. Then, it rapidly lost value, causing great losses to investors.
High-Profile Accounts Have Been Targeted Before
The incident is high profile X It was the last link in the chain of fraud that emerged with the hacking of their accounts. Many famous names and corporate accounts have previously been the target of similar attacks. Such events are usually held to promote fake cryptocurrency projects.
Experts warn users to carefully examine the statements coming from official accounts. Shares made from hacked accounts often cause huge losses. It is also emphasized that social media platforms should fix security vulnerabilities and users should be careful against such scams.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
