Jupiter DEX Restores X Account Following Hack Promoting Scam Meme Coins
Jupiter, a Solana-based DEX aggregator, experienced a breach of its X account where hackers promoted scam meme coins. The team warned users against clicking links or purchasing tokens from the compromised account. They have since regained control and confirmed no major losses.
Key Points
- Siong Ong, co-founder of Jupiter DEX, confirmed the account compromise but stated no customer funds were at risk due to multisignature security measures.
- The deleted posts promoted the scam meme coin MEOW, which reportedly reached a $30 million market cap before being rug-pulled.
- MEOW's market cap peaked at over $8 million within four hours before crashing by over 98% to $88,000.
- This incident reflects a broader trend of hackers promoting dubious meme coins amid retail participation in the crypto market.
- A similar scam involved the hijacking of former Malaysian Prime Minister Mahathir Mohamad's account to promote a fraudulent token, MALAYSIA, which saw its market cap surge to $3.4 million before dropping to $153,000.