The Pump.fun X account was compromised on February 26, 2025, in a significant cyber attack that saw hackers promote a fake governance token called “PUMP” and other fraudulent coins. The attacker posted misleading messages, claiming that the token was part of a democratic governance process. This incident is connected to previous hacks, including the Jupiter DAO account breach in February 2025 and the DogWifCoin X account compromise in November 2024. However, the compromised teams are not to blame for these breaches, and the Pump.fun team has confirmed the hack and is working on restoring the account.
This breach is part of an ongoing trend of social media hacks being used to promote fake cryptocurrencies, signaling broader issues within the crypto industry.
Just days before the Pump.fun attack, the crypto community faced the $1.4-billion Bybit hack, one of the largest hacks in crypto history. These incidents highlight the increasing threat to the security of crypto projects and underscore the need for stronger protections against malicious actors targeting both social media platforms and the crypto space at large.
Memecoins and token scams have garnered increasing attention following the Pump.fun hack.
A particularly notable example was the promotion of the LIBRA token by Argentine President Javier Milei on February 14, 2025. However, after backtracking and pulling his support for the token, the LIBRA project resulted in a $107-million rug pull, raising concerns about the legitimacy of memecoins. Experts like venture capitalist Nic Carter argue that the end of memecoins may be imminent, with the trade being based on false promises that have now been exposed.
The rise of fraudulent tokens extends beyond just social media hacks, as seen with Bermuda Premier David Burt’s X account being hijacked to promote the “Bermuda National Coin.” These scams are increasingly sophisticated, with fake tokens flooding platforms like Pump.fun. The situation raises further questions about the security of verified social media accounts, especially after Burt’s discovery of a scam that involved a fraudulent gray checkmark verification typically reserved for government officials. These incidents emphasize the need for better oversight and security measures in the crypto and social media industries.
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