On January 22, 2025, hackers gained control of Nasdaq’s official X account and used it to promote a fraudulent memecoin called “STONKS.” By leveraging Nasdaq’s reputation, the attackers successfully misled investors into thinking the token was an affiliate project of the exchange. The endorsement resulted in a rapid surge in the memecoin’s market cap, reaching $80 million within hours. However, once the scam was recognized and action was taken to mitigate its effects, the token’s value quickly collapsed.
The hackers created a fake X account that appeared to be a partner of Nasdaq and retweeted posts about the STONKS token from the official Nasdaq profile. Many users on the platform expressed frustration, with some claiming significant financial losses due to the deceptive promotion.
The incident underscored the growing concern over high-profile social media breaches, as hackers continue to exploit corporate accounts to promote scams in the cryptocurrency space.
This attack on Nasdaq is part of a troubling trend where hackers have been targeting well-known individuals and organizations to push fraudulent cryptocurrency tokens. Similar incidents have recently affected celebrities like Drake and Wiz Khalifa, as well as organizations like the Cardano Foundation. These breaches have raised alarms about the security of social media platforms like X, where even accounts with robust security measures can be compromised.
Nasdaq regained control of its account after the breach, removing the fraudulent posts and suspending the associated fake profiles. However, the incident sparked a larger conversation about the need for stronger cybersecurity measures, such as improved two-factor authentication (2FA) and continuous monitoring. The attack has led to increased calls for enhanced security protocols to prevent further incidents and protect both individual users and corporate accounts from exploitation.
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