A hacker briefly took control of Nasdaq’s official X account (formerly Twitter) to promote a fake cryptocurrency called STONKS. The cybercriminals linked a fraudulent affiliate account to Nasdaq’s profile, using it to amplify a tweet advertising the token.
The scam coin, launched the same day, appeared to mimic an existing Solana-based memecoin that holds the intellectual property rights to the name. Despite being a fraudulent scheme, STONKS quickly surged to a market cap of $80 million within minutes, according to crypto-tracking platform DEXscreener. However, the hype was short-lived, and its value plummeted soon after.
This incident is part of a growing trend in which hackers infiltrate high-profile X accounts to promote fraudulent tokens. Such attacks have targeted celebrities, businesses, and institutions, often resulting in financial losses and reputational damage.
As of now, Nasdaq has not issued a public statement regarding the breach. The incident highlights the urgent need for stronger security measures, particularly for influential accounts with a broad reach.
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