In a recent cyberattack, hackers breached the official Nasdaq account on X (formerly Twitter), using the platform to promote a fraudulent memecoin called “STONKS.” The perpetrators took control of the account, posting a tweet advertising the token and linking to a fabricated affiliate account, which also retweeted the promotion.
The memecoin, launched on the same day, appeared to be a copy of an existing Solana-based token with the same name, which holds the intellectual property for the meme. Despite its fraudulent nature, the STONKS token gained significant traction, briefly reaching a market cap of $80 million within minutes of its launch. However, the excitement was short-lived, as the value plummeted within a few days, according to data from the crypto-tracking platform DEXscreener.
This incident highlights a growing trend of cybercriminals hijacking high-profile accounts on X to promote scam tokens, exploiting the reach of these platforms to target unsuspecting investors. Such attacks have led to financial and reputational damage for both individuals and institutions.
As of now, Nasdaq has not publicly commented on the breach. The incident underscores the critical need for robust security protocols, particularly for accounts with extensive reach and influence in the financial and tech sectors.
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