Pump.fun X Account Compromised to Promote Fraudulent Tokens
On Wednesday, the X account of Pump.fun, a Solana-based token launchpad, was hacked. The attacker promoted fraudulent tokens, including a fake "official governance" token.
Hacker Exploits Pump.fun X Account
- The hacker falsely advertised an official token using images from Pump.fun's mobile app launch video and a Solana contract address for the PUMP token.
- Despite community warnings, the asset's market capitalization briefly reached $5 million before collapsing.
- Pump.fun co-founder Alon Cohen urged users to avoid the compromised account.
- Cohen confirmed efforts to regain access to the account while the hacker continued promoting scams.
- The breach might have originated from within X, according to Cohen and on-chain investigator ZachXBT, who linked it to previous hacks of other blockchain accounts.
Increased Risk of Token Fraud
- This incident highlights rising scams in the crypto space, driven by interest in memecoins and altcoins.
- Hackers exploit volatile markets, particularly through platforms like Pump.fun that enable quick token launches.
- The recent LIBRA token scandal further exacerbated the situation, leading to increased fraudulent promotions.
- Pump.fun has also been accused of collaborating with third parties to create intimidating tokens amid ongoing legal issues.