Nasdaq official X account hacked to pump fake STONKS Memecoin

In an unexpected turn of events, hackers took control of the Nasdaq X (Twitter) account and used it to artificially increase the price of a new meme piece called STONKS.

Within hours, the coin’s value soared to $80 million, only to collapse just as quickly.

Nasdaq name used to propagate scam

The attackers created a fake X account that appeared to be an official Nasdaq subsidiary. Using this account, they posted a tweet promoting STONKS, taking advantage of Nasdaq’s trustworthy image to attract unsuspecting investors who might have otherwise overlooked the coin.

STOCKS, a new meme coin that looked a lot like an existing token in the Solana Ecosystemquickly gained ground in the market. Competing with other attention-hungry meme coins, its value has increased significantly. Investors rushed in, believing this was a legitimate opportunity to make a profit.

Report the scam

But the enthusiasm was short-lived. Once investors realized they had been deceived, the coin’s value collapsed as quickly as it had risen. The fraudulent tweet was quickly deleted and the fake Nasdaq-affiliated account was deactivated. But the damage was already done.

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How fraudsters plan their heists

Scammers often pose as famous people or trusted companies to promote fake tokens. By using the reach of well-known and widely followed accounts, they increase their chances of fooling more people.

Nasdaq was an ideal target because of its reputation as a leading financial organization. The scammers used his name to give false credibility to the STONKS coin, making it appear like a genuine investment opportunity.

We cannot compromise on security

For companies like Nasdaq, this attack is a stark reminder of the importance of strict security measures. This shows that businesses need to implement stricter authentication methods, such as multi-factor authentication (2FA)closely monitor their accounts and act quickly when unauthorized activity is detected.