Exchanges and Institutions Hacked to Promote Scam Meme Coins... "Investor Losses Expected"
Summary
- Hackers are breaching major decentralized exchanges and celebrity X accounts to promote scam meme coins.
- Accounts of Jupiter and former Prime Minister Mahathir Mohamad were hacked, resulting in investors losing millions of dollars.
- The market cap of scam meme coins shows high volatility, soaring and then plummeting, so investors need to be cautious.
Phishing incidents where major decentralized exchanges (DEX) and the X (Twitter) accounts of celebrities and institutions are hacked to promote scam meme coins are on the rise.
According to a report by Cointelegraph on the 6th (local time), the Solana-based decentralized exchange Jupiter and the X account of former Malaysian Prime Minister Mahathir Mohamad were hacked, with hackers using these accounts to promote scam meme coins.
Hackers who breached the official Jupiter account promoted a scam meme coin with the ticker MEOW, and the market cap of this token soared to about $30 million in no time, only to plummet by over 98% within just four hours.
Benny GM Capital's founder lamented, "The hacking of Jupiter's X account resulted in millions of dollars in losses for many traders. It literally happened in a matter of minutes."
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.
YM Lee
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