Official Nasdaq account is hacked to promote fake cryptocurrency scam

by Stephen Douglas
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Official Nasdaq account is hacked to promote fake cryptocurrency scam
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Hackers broke into the company’s official account Nasdaq on X to promote a fraud involving a fake cryptocurrency. The malicious actors used the account to share a post promoting a newly created memecoin called STONKS.

Within a few hours, memecoin’s market capitalization soared to US$80 millionjust to collapse immediately afterwards. The hacker created a fake account on X, presenting it as affiliated with Nasdaqand used the official account to retweet the post promoting the memecoin.

Soon after, the post disappeared and the platform suspended the fake account. However, the hacker had already removed all liquidity from the pool and pocketed US$80 million of thousands of investors who fell into the blow.

In recent years, there have been several incidents where hackers compromised high-profile accounts on X in order to promote fraud involving cryptocurrencies.

Other cryptocurrency scams

These attacks often target trick the followers of these accountstaking advantage of the trust they have in public figures or affected organizations.

In July 2020, hackers compromised the account of Elon MuskCEO of Tesla and SpaceX. They used the account to promote a Bitcoin donation scampromising to double any amount sent to a specific Bitcoin address. The message misled many followers, leading to significant losses.

During the same attack in July 2020, hackers also compromised the account of the former president of the United States, Barack Obama. They used Obama’s account to promote a scam similar to Elon Musk’s. This attack was part of a great hack which affected several high-profile accounts on X.

Accounts of influential companies in the cryptocurrency sector were also targeted by hackers. In January 2022, for example, the X da account Geminia cryptocurrency exchange, was the target of an attack. The hackers posted links to phishing sitestrying to steal users’ credentials and funds.

In September 2020, the official account of Argentine Ministry of Economy on X was hacked. Hackers used the account to promote a fake Bitcoin and Ethereum giveaway. The messages misled many followers, resulting in financial losses.

Official Nasdaq account is hacked to promote fake cryptocurrency scam

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Official Nasdaq account is hacked to promote fake cryptocurrency scam

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Official Nasdaq account is hacked to promote fake cryptocurrency scam

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