Nasdaq’s official X account was allegedly compromised in order to promote a fake memecoin

The hacker seemed to connect a phony X account as a Nasdaq affiliate and utilized the official Nasdaq account to distribute its message promoting a newly formed memecoin.

Hackers took control of the Nasdaq’s official X account and used it to promote a fake memecoin.

The hacker established a fake X account that was affiliated with Nasdaq and used the real Nasdaq account to retweet a message supporting a memecoin called STONKS, which was formed on the same day. The post has been taken down, and the fraudulent X account has been suspended.

The memecoin looked like a duplicate of another memecoin with the same name that was already on Solana, which is the company that owns the intellectual property of the meme.

According to DEXscreener, the market valuation of the bogus STONKS memecoin skyrocketed to $80 million, but it quickly fell after that.

This incident is part of a trend in which high-profile X accounts have been hacked in order to promote scam tokens. Previous occurrences have included celebrities and institutions.

The Block’s request for a comment was not answered by Nasdaq right away.

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