The post Hackers Use Nasdaq’s X Account in $80M Fake Meme Coin Scam appeared on BitcoinEthereumNews.com.

The official X account of the global electronic marketplace Nasdaq was apparently hacked and used to promote a fake meme coin named STONKS. Blockchain data shows that the bogus token’s market cap skyrocketed to $80 million before eventually collapsing. How the Scam Unfolded According to various reports, the attackers took control of the Nasdaq account and linked it to a fake X profile, @nasdaqmeme, complete with a gold verified badge marking it as an affiliate. They then made a post promoting the fake STONKS coin and retweeted it with the Nasdaq account, which has over 133,000 followers. The retweet and the apparent connection between the two accounts created a facade of credibility, duping unsuspecting investors into buying the token. Within hours, STONK’s value soared 390 times its original price, with data from DEXscreener showing that the token reached a market capitalization of $80 million and trading volumes in excess of $185 million. However, the cryptocurrency’s meteoric rise ended abruptly as its value plummeted to zero, leaving investors with huge losses. Some accounts suggest that the scammers walked away with at least $4 million after rugging the coin. Interestingly, the fraudulent profile used in the con was a copycat of an existing Solana meme coin, STNK, with the social media handle @STONKS_SOL. The legitimate STONKS team has warned the crypto community about the rip-off and announced plans to sue the sham project. STNK was launched in April 2021 as the first-ever joke token on the Solana network. It is based on the “Stonks” meme created in 2017 by Henry Hooper and made famous by the Gamestop short squeeze saga on r/wallstreetbets. Social Accounts Under Threat The hacking incident sparked widespread reactions across the community, with many expressing disbelief at its audacity and sophistication. Crypto trader CRG described it as the “best…

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Filed under: News - @ January 24, 2025 12:24 am