Nasdaq’s official X account was seemingly hacked to promote a fake memecoin

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The Block2025/01/21 16:00

By:The Block

Quick Take The hacker appeared to link a fake X account as a Nasdaq affiliate and used the official Nasdaq account to share its post promoting a newly created memecoin. Within a few hours, the memecoin’s market capitalization skyrocketed to $80 million, only to crash soon after.

Nasdaq’s official X account was seemingly hacked to promote a fake memecoin image 0

The Nasdaq’s official X account was compromised when hackers used it to promote a fraudulent memecoin.

The hacker linked a fake X account as a Nasdaq affiliate and used the official Nasdaq account to retweet its post promoting a memecoin named STONKS created on the same day. The post has been removed, and the fake X account has been suspended.

The memecoin appeared to be a copycat of an existing memecoin of the same name on Solana, which owns the intellectual property of the meme.

The market capitalization of the fake STONKS memecoin surged to $80 million, only to crash soon after — according to DEXscreener .

This event fits into a pattern of high-profile X accounts being hacked to promote scam tokens, with previous incidents involving celebrities and institutions.

Nasdaq did not immediately respond to The Block’s request for comment.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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The crypto market has dipped in response to President Trump’s plan to enact steep tariffs on imported goods from Canada, Mexico, and China beginning on Tuesday.Canada and Mexico have ordered retaliatory tariffs in response, while China promised “corresponding countermeasures” and said it would file a lawsuit with the WTO.Memecoins were particularly hard-hit by the downturn, with many top coins seeing double-digit percentage drops. Trump’s memecoin has fallen nearly 30% over the past week.

The Block•2025/02/02 17:11