Nasdaq Account Hacked to Promote Fraudulent Memecoin

The Nasdaq’s official X account was compromised when hackers used it to promote a fraudulent memecoin.

The hacker linked a fake X account as a Nasdaq affiliate and used the official Nasdaq account to retweet its post promoting a memecoin named STONKS, created on the same day. The post has been removed, and the fake X account has been suspended.

The memecoin appeared to be a copycat of an existing memecoin of the same name on Solana, which owns the intellectual property of the meme.

The market capitalization of the fake STONKS memecoin surged to $80 million, only to crash soon after — according to DEXscreener.

This event fits into a pattern of high-profile X accounts being hacked to promote scam tokens, with previous incidents involving celebrities and institutions.

Nasdaq did not immediately respond to The Block’s request for comment.