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In a startling security breach, hackers have taken control of Nasdaq’s official X account to promote a fake memecoin, leading to a significant, albeit temporary, surge in the token’s value. The incident, which unfolded overnight on January 22, 2025, PST, brought to light the vulnerabilities even major institutions face on social media platforms.
The hackers utilized the compromised account to endorse a token named “STONKS,” falsely positioning it as an affiliate project of Nasdaq.
The memecoin, which was essentially a clone of an existing token in the Solana ecosystem, saw its market cap skyrocket to $80 million within hours due to the deceptive endorsement.
However, the value crashed just as quickly once the fraudulent activity was recognized and actions were taken to mitigate the scam’s impact.
According to reports, the attackers created a fake X account, presenting it as a partner to Nasdaq, and retweeted posts about the STONKS token from the official Nasdaq account.
One user’s frustration was palpable, stating, “I just lost $200,000 because of NASDAQ. I will be contacting my lawyer tomorrow about NASDAQ X account being hacked. The hack occurred longer than 30 minutes on their account without any apologies or mention of them being hacked.
Posts found on X have expressed concern over the increasing rate at which big companies’ accounts are being hacked, with many users highlighting the alarming trend of using these breaches to promote scams.
The incident has sparked discussions on the platform about the need for better cybersecurity practices for both individuals and corporations.
@Nasdaq is capable of being hacked easily and they have too much liabilities. We need somebody fired or we need some answers NASDAQ.”
This sophisticated scam leveraged Nasdaq’s reputation to draw in unsuspecting investors, underlining the dangers of social media manipulation in the cryptocurrency space.
This incident adds to a growing list of high-profile hacks aimed at promoting scam cryptocurrencies.
Recent months have seen similar attacks on celebrities like Drake, Wiz Khalifa, and even organizations such as the Cardano Foundation, where hackers have used the accounts to push fraudulent tokens.
These breaches highlight a persistent security issue on X, where accounts can still be compromised even with robust authentication measures in place.
Nasdaq has since regained control of its account, deleting all fraudulent posts and suspending the associated fake profiles.
The exchange has not yet released an official statement regarding how the hackers breached their account’s security, but there is an ongoing call for enhanced security protocols, including stronger two-factor authentication (2FA) and continuous account monitoring.
Posts found on X have expressed concern over the increasing rate at which big companies’ accounts are being hacked, with many users highlighting the alarming trend of using these breaches to promote scams.
The incident has sparked discussions on the platform about better cybersecurity practices for individuals and corporations.
This event is a stark reminder of the importance of vigilance in the digital age, especially in the volatile world of cryptocurrency. Investors are urged to verify sources independently and be cautious of endorsements, even from seemingly credible accounts.
The crypto community continues to advocate for education on recognizing and avoiding such scams, emphasizing due diligence before engaging with any new token or investment opportunity.
As the investigation into this hack continues, the cryptocurrency and tech sectors will likely see an uptick in security measures to prevent similar incidents.
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