CoinSwitch's official account was hacked by attackers who used it to promote a fraudulent token named SWITCH.
CoinSwitch Account Hacked
The official X (formerly Twitter) account of CoinSwitch, one of India's leading crypto exchanges, was hacked during Asia's noon hours on Wednesday. The attackers used the compromised account to promote a fake Solana-based token called SWITCH, falsely claiming it as CoinSwitch's native token set for trading soon.
CoinSwitch's Response
CoinSwitch CEO Ashish Singhal confirmed the breach over an hour after the hack and reassured users that their funds remained secure. The exchange’s team swiftly regained access to their X account and deleted the misleading post. Singhal emphasized that CoinSwitch has no affiliation with the SWITCH token.
Details on SWITCH Token
Further investigation showed that the SWITCH token was created on Pump.fun, a platform notorious for launching memecoins with questionable legitimacy. At the time of writing, SWITCH had a market capitalization of just $4,075 and was valued at $0.000004168. The creators misleadingly described the token as a reward system for top traders.
The Indian market was alerted about the fraudulent activity surrounding the SWITCH token. CoinSwitch responded promptly to the hack, assuring the safety of its users' funds.
