Nasdaq X Hack Pumps STONKS Coin Value to $80M Before Quick Crash

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

Within hours, the coin’s value skyrocketed to $80 million – only to crash just as fast.

Nasdaq’s Name Used to Spread the Scam

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

STOCKS, a new meme coin that closely resembled an existing token in the Solana ecosystem, quickly gained traction in the market. Competing with other meme coins eager for attention, it saw a dramatic rise in value. Investors rushed in, believing it was a legitimate opportunity to profit.

Exposing the Scam

However, the excitement was short-lived. Once investors realized they had been tricked, the coin’s value crashed just as quickly as it had risen. The fraudulent tweet was quickly removed, and the fake Nasdaq affiliate account was deactivated. But the damage was already done.

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How Scammers Plan Their Heists

Scammers often impersonate famous personalities or trusted companies to promote fake tokens. By using the reach of well-known accounts with large followings, they increase their chances of deceiving more people.

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

We Can’t Compromise on Security

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