On February 6, 2025, Jupiter Exchange’s X account was hacked, leading to a series of fraudulent posts that promoted scam tokens. The attacker exploited the platform’s account to advertise a fake memecoin called $MEOW, which quickly surged in market value, surpassing $20 million. However, the liquidity pool was drained shortly after, leaving investors unable to sell their holdings. The hacker also promoted another token called “DCOIN,” further intensifying the situation. The attack caused immediate panic among investors and led to a significant drop in the price of Jupiter’s native token, JUP.
As a result of the attack, Jupiter DAO quickly warned users to avoid engaging with suspicious links or scam content. Within minutes, the price of JUP dropped by 12%, from $0.85 to $0.75, triggering a 300% increase in trading volume for JUP/BTC and JUP/ETH pairs. Active transactions also surged by 40%. This chaos did not remain confined to Jupiter’s ecosystem but also sparked uncertainty in the broader altcoin market, leading to further price declines. By 11:00 AM UTC, JUP had fallen to $0.71, and its relative strength index (RSI) indicated it might be oversold and poised for a rebound.
Jupiter’s founder, Meow, later confirmed that the attack originated from a U.S.-based IP address.
During the attack, a key team member, Mei, was unreachable due to a family emergency, as she was traveling back to Singapore from Mountain DAO. Despite these challenges, Jupiter regained control of their official account and assured users that there was no breach of customer data or loss of funds. Fortunately, all team members and programs remained secure, providing some reassurance to the community.
In the wake of the hack, traders were advised to stay cautious and avoid trading in fake memecoins. Jupiter also reminded users to disregard the scam posts and any related links. The incident highlighted the persistent threats centralized platforms face and reinforced the need for enhanced security protocols within the cryptocurrency industry to protect against such attacks in the future.
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