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Nasdaq is one of the reputed stock exchange platforms and financial services corporations in the US. Despite being a renowned firm, it couldnāt 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 Nasdaqās 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.Ā
Within just a few hours after Nasdaq promoting the memecoin, STONKSā market capitalization surpassed $80 million. When the promotional post was deleted and the fake Nasdaq account was suspended by X, it didnāt take long for the token to crash.Ā
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.Ā
āSTONKSā 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 āStocksā, similar to āHODL for Holdā and āBUIDL for Buildā, etc. Using this humorous word, a STONKS memecoin was created on the Solana blockchain.Ā
The memecoin name connected with Stocks and Nasdaq being a popular stock exchange platform, users didnāt 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.Ā
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.Ā
Highlighted Crypto News Today:Ā
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