On November 14, the X account of Dogwifhat was hacked to promote newly created tokens on the Solana blockchain, leading to significant fluctuations in cryptocurrency prices.
Dogwifhat Account Breach
The Dogwifhat account on the X platform was compromised, with attackers altering the bio and sharing posts encouraging users to invest in tokens POPWNUT, MUU, and WIFD by providing contract addresses for purchases.
Manipulations with New Cryptocurrency
According to data from DexScreener, MUU experienced a sharp price surge following the fraudulent promotion, reaching an all-time high despite previous low trading activity. However, the price collapsed after the attackers liquidated their holdings. Similarly, WIFD and POPWNUT saw sharp increases followed by rapid declines, with both tokens losing over 83% of their value within six hours, and market caps falling to $12,000 and $37,000 respectively.
Account Recovery and Impact
Dogwifhat developers regained control of the account shortly after, restoring the original profile and removing all fraudulent posts. This incident occurred just days after a similar breach of rapper Wiz Khalifa's account, which was used to promote a fake cryptocurrency.
These recent hacks highlight the growing threat to social media users and the need for enhanced account security. In both cases, fraudsters used the platform to manipulate cryptocurrency prices, serving as a serious warning to crypto market participants.
