Nasdaq's account on the social platform X was hacked and used to promote a fake STONKS token. The incident led to a temporary surge in the cryptocurrency's value to $80 million.
How the Scam Unfolded
The attack began with the hacking of the Nasdaq account and its connection to a fake X profile named @nasdaqmeme. Hackers used a gold verification badge, creating the illusion of affiliation. They promoted the fake STONKS token with a tweet retweeted by the Nasdaq account, misleading investors into buying the token. STONKS' price surged 390 times but soon plummeted to zero, causing massive losses to investors. Reports suggest the scammers made at least $4 million.
Social Accounts Under Threat
The incident with Nasdaq spurred extensive discussion within the community, with many expressing amazement at the audacity and sophistication of the scheme. Some users highlighted the ease with which scammers obtained a verified badge. The post has been removed, and the @nasdaqmeme account has been suspended. Cases of bad actors taking over social accounts to promote fake cryptocurrencies have been increasing recently.
Crypto Community's Reaction
The Solana community reacted to the scam, warning about the plagiarism of its STNK coin and announcing plans to sue the fake project. STNK was the first joke token on the Solana network, inspired by the 'Stonks' meme. There have also been previous cases of celebrity accounts being targeted to promote counterfeit tokens.
The hack of Nasdaq's account and the subsequent promotion of a false token highlight the need for stronger security measures on social media. It also serves as a reminder for investors to exercise caution when dealing with dubious digital assets.
