In a plot that could have been ripped straight from a cyber-thriller, hackers took over Nasdaq's social media account and used it to pitch a bogus meme coin named STONKS, fooling investors with a tantalizing tale of riches. The tale of deception unfolded when the hackers linked Nasdaq’s official account to a fake affiliate profile, @nasdaqmeme, complete with a shiny gold verified badge that screamed legitimacy. They then hyped up the fake STONKS coin, retweeting it from Nasdaq's account, which boasts a whopping 133,000 followers. The illusion of authenticity was enough to lure in investors, sending the coin’s value skyrocketing to astronomical heights.
Within a blink of an eye, the fake token's market cap surged to $80 million, and trading volumes hit a jaw-dropping $185 million. But like all good heists, the joyride was short-lived. The coin's value crashed to zero, leaving investors in shock and scammers laughing all the way to the bank with an estimated $4 million haul. The scam even mimicked an existing Solana meme coin, adding another layer of trickery to the mix.
The legitimate STONKS team isn't taking this lying down. They've sounded the alarm to the crypto community and are gearing up for a legal showdown against the fraudsters. STNK, the real deal, has its roots in the 2017 “Stonks” meme and became a Solana sensation back in 2021.
The hacking drama left the crypto community buzzing, with reactions ranging from disbelief to begrudging admiration for the scam's audacity. Some dubbed it the “best grift” ever, while others lamented how easily the scammers fooled the system.
While Nasdaq has yet to make a public statement, they’ve erased the offending post, and the fraudulent account has been suspended. This caper adds to a growing list of social media hacks promoting fake coins. Not long ago, notorious blockchain sleuth ZachXBT uncovered a scam where hackers hijacked 15 accounts, swindling $500,000. Another band of tricksters even targeted celebrity accounts to push counterfeit tokens, raking in around $3.5 million. It's a wild world out there, folks—keep your crypto close and your wits closer!
