The X account of Dogwifhat, a popular dog-themed meme coin, was compromised on November 14, with hackers using the platform to promote a series of Solana-based tokens in a fraudulent scheme. The attack involved several now-deleted posts and a rebranded profile, all designed to inflate the value of three meme coins: popwifnut (POPWNUT), muu (MUU), and DogWifDoge (WIFD).
Crypto scammers targeted Dogwifhat’s over 115,000 followers, encouraging them to invest in MUU, a token that had only launched less than a month earlier. The attackers shared the coin’s contract addresses, driving significant trading volume. According to Dexscreener, the price of MUU surged to a new all-time high shortly after the posts went live, although this spike was short-lived. The price soon plummeted as the scammers liquidated their holdings.
The two other tokens, WIFD and POPWNUT, were launched within 24 hours of the attack, experiencing similar volatility. Both coins saw massive price increases, only to crash dramatically. As of the latest data, both tokens had dropped over 83% within six hours, with market caps of just $12,000 and $37,000, respectively.
The security firm Harpie quickly confirmed the hack and advised X users to refrain from interacting with the fraudulent posts. Community members were quick to raise alarms about the breach, and Dogwifhat’s development team managed to regain control of the account, restoring it to its original state and removing all traces of the scam.
Despite the hack, Dogwifhat’s token (WIF) showed resilience, experiencing only a modest correction of 17% over the past 24 hours, which was largely attributed to broader market trends, including a 2.4% drop in Bitcoin’s price. This came just days after WIF was listed on Coinbase, which had led to a 50% surge in its value over the past week, pushing it above $4 for the first time since April.
This incident highlights a growing trend of scammers targeting prominent crypto projects on social media platforms like X. Just last month, the X account of the Decentraland project was hacked to promote a fake airdrop as part of a phishing scam, leading to stolen funds from unsuspecting investors. Blockchain investigator ZachXBT also reported several other high-profile accounts, including Yahoo News UK and Lenovo India, being exploited for similar fraudulent activities.
The increasing frequency of these attacks underscores the need for heightened security measures and vigilance in the crypto community.
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