Nasdaq’s Official X Account Hacked to Promote Fraudulent Memecoin
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 […] The post Nasdaq’s Official X Account Hacked to Promote Fraudulent Memecoin appeared first on Cyber Security News.
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.
@NasdaqExchange @Nasdaq
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