Nasdaq's Account Hacked: $80 Million Heist with Fake Memecoin! - Coin Bulletin

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Nasdaq's official X account was hacked and used to promote a fake memecoin.

The incident drew attention with the involvement of a high-profile corporate account like Nasdaq in fraud campaigns.

Hackers introduced a newly created memecoin called 'STONKS' by making it look like it was connected to Nasdaq by creating a fake X account. The post of this fake account was retweeted from the official Nasdaq account. However, the post was deleted shortly afterwards and the fake account was suspended by the X platform.

STONKS, used for fraud, was actually a copy of the meme coin with the same name already existing on the Solana blockchain. While the original token on Solana has the related intellectual property rights, the fake version was launched in just a few hours.

According to DEXscreener data, the market value of this fake memecoin rapidly reached $80 million but collapsed just as quickly. It is believed that scammers may have profited millions of dollars from this short-term manipulation.

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