Phishing incidents where major decentralized exchanges (DEX) and the Twitter (X) accounts of celebrities and institutions are hacked to promote scam meme coins are on the rise.
Major decentralized exchanges (DEX) and the X (Twitter) accounts of celebrities and institutions are being hacked to promote scam meme coins, a new report has found.
Hackers breached the Solana-based decentralized exchange Jupiter and the X account of former Malaysian Prime Minister Mahathir Mohamad, using these accounts to hype up scam meme coins.
Hackers who compromised the official Jupiter account promoted a scam meme coin with the ticker MEOW, and the market cap of the token soared to about $30 million in no time. However, the price of the token plummeted by over 98% within just four hours.
"The hacking of Jupiter's X account led to millions of dollars in losses for many traders. It literally happened in a matter of minutes," Benny GM Capital's founder lamented.
On the account of Mahathir Mohamad, the former Malaysian Prime Minister, the scam meme coin MALAYSIA was promoted. According to Gecko Terminal data, the market cap of the MALAYSIA coin surged to $3.4 million and has now fallen to $153,000.
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