A recent hacking spree on the social media platform X has sparked a pump-and-dump scheme for the $HACKED cryptocurrency token on the Solana blockchain. The coordinated cyberattack targeted several high-profile accounts, including MoneyControl, which boasts 1.4 million followers, People Magazine with 7.8 million followers, and the EUinmyRegion account, managed by the European Commission. Starting around 2:00 PM ET, the hackers compromised numerous accounts to post identical tweets promoting the $HACKED token, declaring, “THIS IS HACKED ACCOUNT! INTRODUCING $HACKED ON SOLANA.”
The promotion of $HACKED has proven to be highly effective, leading to a remarkable surge in interest and investment in the token. Initially, the token had only 42 holders and a market cap of approximately $5,000. However, as awareness grew, the number of token holders skyrocketed to 436, pushing its market cap to over $166,000. This surge demonstrates the impact of social media influence on cryptocurrency markets, although the volatility inherent in pump-and-dump schemes has led to fluctuating prices as investors rush to take profits.
While the specific method used to compromise these X accounts remains uncertain, cybersecurity experts suggest that it may involve a compromised API key or vulnerabilities in third-party applications linked to the accounts. This incident raises concerns about the security of high-profile accounts and the potential for similar attacks in the future. BleepingComputer has attempted to contact some of the affected accounts for further insights but has not yet received responses.
The hacking spree underscores the critical need for stronger security measures on social media platforms and within the cryptocurrency space. Investors are advised to exercise caution and conduct thorough research before participating in any cryptocurrency projects, especially those promoted through compromised accounts. As the $HACKED incident illustrates, the intersection of social media and cryptocurrency can lead to significant financial risks, emphasizing the importance of vigilance against scams and fraud in the rapidly evolving digital landscape.
