Nasdaq's X Account Hacked to Promote STONKS Memecoin, Briefly Reaches $80 Million Market Cap

Jan 23, 2025, 04:17 AM

The official X account of Nasdaq was compromised and used to promote a fraudulent memecoin named STONKS. Hackers linked a fake X account as a Nasdaq affiliate and retweeted a post promoting the token, which was created on the same day. The misleading post has since been deleted, and the fake account has been suspended. The STONKS memecoin was a copycat of an existing token on the Solana blockchain. Despite its fraudulent origins, the token's market capitalization briefly reached $80 million before crashing. This incident is part of a broader trend of high-profile X account hacks aimed at promoting scam cryptocurrencies.