- Nasdaq stock exchange’s X social media account was hacked to promote fake STONKS memecoin.
- The post promoting STONKS was deleted and the fake Nasdaq account was suspended.
- STONK’s market capitalization ballooned to $80 million within a few hours after the promotion and then crashed.
Nasdaq is one of the reputed stock exchange platforms and financial services corporations in the US. Despite being a renowned firm, it couldn’t avoid social media hackers from hacking its official X account. When a hacker compromised its account and promoted STONKS memecoin, its market capitalization skyrocketed.
As per the latest report from The Block, a hacker created a fake X account as an affiliate to Nasdaq’s official X account. He used the fake account to make a post promoting STONKS memecoin. The hacker made the official Nasdaq account to retweet his post promoting this newly created STONKS memecoin.
Within just a few hours after Nasdaq promoting the memecoin, STONKS’ market capitalization surpassed $80 million. When the promotional post was deleted and the fake Nasdaq account was suspended by X, it didn’t take long for the token to crash.
Is STONKS Memecoin Fake?
Original STONKS memecoin exists on the Solana blockchain and has been trading in the open markets since June 2024. The STONKS memecoin promoted by the hacker using the Nasdaq account is fake and was created on that day. Thus, STONKS is not a fake memecoin but the STONKS memecoin that was promoted on X using Nasdaq was fake.
“STONKS” is a popular internet meme, represented by Stonks Guy or the Meme Man who is depicted as a bald headed person with a smooth and robot-like head having blue eyes. The word is the international misspelling of “Stocks”, similar to “HODL for Hold” and “BUIDL for Build”, etc. Using this humorous word, a STONKS memecoin was created on the Solana blockchain.
The memecoin name connected with Stocks and Nasdaq being a popular stock exchange platform, users didn’t question its legitimacy and flocked to invest in the fake memecoin. As a result, the market capitalization of STONKS memecoin increased significantly within the matter of a few hours.
However, this is not the first time official X accounts of celebrities and top companies have been hacked on the X social platform. Thus, staying cautious before investing in any cryptocurrency is always recommended.
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