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

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.