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Sohrab Khawas
Sohrab Khawas
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Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Jan 23, 2025 06:20 UTC
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Nasdaq X Hack Pumps STONKS Coin Value to $80M Before Quick Crash
Hackers compromised the Nasdaq X account and used it to promote a fraudulent meme coin (STONKS).
The scam exploited the credibility of the Nasdaq brand to lure investors into purchasing the fake token.
The incident shows the need for enhanced security measures, including strong authentication, proactive account monitoring, and swift responses.
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.
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.
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