Jupiter DEX and Former Malaysian PM’s X Accounts Hacked to Promote Scam Meme Coins
In a constant worry of cyberattacks, the Solana-based Jupiter DEX (decentralized exchange) aggregator and the former Malaysian Prime Minister, Mahathir Mohamad, were the latest victims of account hijackings on X.
Hackers used the stolen profiles to promote counterfeit meme coins, leading to millions of dollars in losses for naive traders.
Jupiter DEX Hack: Fake MEOW Coin Rug Pulled Traders
On Feb. 5, Jupiter Mobile’s X account issued an urgent warning to consumers to avoid clicking malicious links or purchasing any tokens posted on the official account. Despite the compromise, Jupiter co-founder Siong Ong assured the community that the platform’s essential operations were still secure, thanks to its 4/7 multisignature security system.
However, before the account was restored, hackers were able to create a fraudulent meme coin called MEOW, which soon gained popularity. According to accounts, the token purportedly reached a startling $30 million market cap in seconds before performing a rug pull, a strategy in which developers withdraw liquidity unexpectedly, and cause the token’s value to drop.
According to GeckoTerminal data, MEOW reached a market capitalization of over $8 million before plummeting by more than 98%, leaving traders with worthless tokens. Beanie, the pseudonymous founder of GM Capital, estimated that the attack resulted in millions of dollars lost in minutes.
Former Malaysian Prime Minister’s X Account Hijacked to Promote Scam Token
Surprisingly, the same day saw another high-profile hack. The X account of Malaysia’s longest-serving prime minister, Mahathir Mohamad, was compromised and used to promote a fraudulent token named ‘MALAYSIA’.
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Yu Xian, a blockchain security specialist and the founder of SlowMist, confirmed the vulnerability, stating that the fake coin witnessed a meteoric increase to $3.4 million in market cap before plummeting to only $153,000 in a classic pump-and-dump operation.
Social Media Account Hacks for Crypto Scams
This new incident shows an increasing tendency of high-profile social media account takeovers to promote fake coins. Last month, Breaking Bad actor Dean Norris had his X account hacked for the second time to support a meme coin utilizing his likeness in a pump-and-dump scam. Furthermore, scammers pretending to be the US Treasury and pushed coins apparently linked to Bank of America, JPMorgan, and BlackRock on the XRP Ledger (XRPL).
These hacks illustrate the growing sophistication of cryptocurrency frauds and the urgent need for stronger security standards on social media platforms.
Also read: Breaking Bad Star Dean Norris X Account Hacked, Used to Promote Fake Coin
Experts encourage users to:
- Double-check sources before investing in new tokens.
- Avoid clicking on links from unknown or compromised accounts.
- Enable multi-factor authentication (MFA) on social media accounts.
- Verify token credibility with trusted blockchain explorers and forums.
As scammers continue to use popular individuals and reputable institutions to manipulate cryptocurrency markets, investors must remain attentive to avoid falling victim to these fraudulent schemes.
