Hackers Hijack Nasdaq Account to Push Fake Memecoin

In a concerning escalation of cyberattacks, hackers recently compromised the official Nasdaq X account to promote a fraudulent memecoin called STONKS.

Exploiting Nasdaq’s trusted name, the attackers falsely presented themselves as affiliated with the organization, using the account to endorse the newly launched token.

The hackers linked a fake X account that appeared to represent Nasdaq and posted tweets promoting STONKS as a legitimate investment opportunity.

Their scheme succeeded in drawing significant attention from investors, leading to a meteoric rise in the token’s market value. Within just a few hours, STONKS saw its valuation surge to $80 million, only to crash shortly thereafter.

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Further investigations revealed that the promoted STONKS token was a counterfeit version of an existing memecoin originally based on the Solana blockchain.

This incident highlights the growing sophistication of hackers who exploit high-profile accounts to manipulate cryptocurrency markets, leaving unsuspecting investors at risk.

Alexander Stefanov