The official X account of the global electronic marketplace Nasdaq was apparently hacked and used to promote a fake meme coin named STONKS.

Blockchain data shows that the bogus token’s market cap skyrocketed to $80 million before eventually collapsing.

How the Scam Unfolded

According to various reports, the attackers took control of the Nasdaq account and linked it to a fake X profile, @nasdaqmeme, complete with a gold verified badge marking it as an affiliate.

They then made a post promoting the fake STONKS coin and retweeted it with the Nasdaq account, which has over 133,000 followers. The retweet and the apparent connection between the two accounts created a facade of credibility, duping unsuspecting investors into buying the token.

Within hours, STONK’s value soared 390 times its original price, with data from DEXscreener showing that the token reached a market capitalization of $80 million and trading volumes in excess of $185 million.

However, the cryptocurrency’s meteoric rise ended abruptly as its value plummeted to zero, leaving investors with huge losses. Some accounts suggest that the scammers walked away with at least $4 million after rugging the coin.

Interestingly, the fraudulent profile used in the con was a copycat of an existing Solana meme coin, STNK, with the social media handle @STONKS_SOL.

The legitimate STONKS team has warned the crypto community about the rip-off and announced plans to sue the sham project.

STNK was launched in April 2021 as the first-ever joke token on the Solana network. It is based on the “Stonks” meme created in 2017 by Henry Hooper and made famous by the Gamestop short squeeze saga on r/wallstreetbets.

Social Accounts Under Threat

The hacking incident sparked widespread reactions across the community, with many expressing disbelief at its audacity and sophistication. Crypto trader CRG described it as the “best grift” they had ever seen, while other users pointed out the alarming ease with which the fraudsters secured a verified affiliate badge.

At the time of this writing, Nasdaq had not commented on the incident, although the offending post has been deleted, and the @nasdaqmeme account has been suspended.

Incidents of bad actors taking over social media accounts to promote phony cryptocurrencies have been on the rise lately. Towards the end of last year, blockchain investigator ZachXBT exposed an elaborate scheme where hackers compromised 15 X accounts and used them to promote fake coins. The criminals reportedly made away with at least $500,000 from the operation.

In another incident, a different group of scammers targeted the social media accounts of celebrities, including singer Usher, rapper Wiz Khalifa, and actor Dean Norris, to push a slew of counterfeit tokens on Pump.fun, stealing as much as $3.5 million in the process.