Pump.fun Users Cautioned After Hack Promotes Fake Governance Token Amid Price Manipulation Scams

• Pump.fun has fallen victim to a significant X account hack, showcasing the vulnerabilities of crypto meme projects and the scams that follow.

• Despite consistent denials from the platform regarding launching a new token, users were still lured into a fraudulent scheme, revealing the need for heightened vigilance in the crypto space.

• “In just one minute, a strategic exploitation of this hack allowed one user to amass over $135,000,” reported Bubblemaps.

Pump.fun’s X account hack exemplifies the growing risks in the crypto market, with scammers exploiting user trust for quick gains. Stay alert!

Hackers Promote Fake Pump.fun Token

Pump.fun, the popular meme coin launchpad, has persistently denied rumors that it would launch its own token. Still, its users and supporters are eager to believe that such a launch would take place, to the extent that many fell for a scam.

This morning, a hack targeted Pump.fun’s X account, claiming that a new investment opportunity was available:

“Introducing PUMP, the official Pump.fun governance token, where democracy has never been this degen. We will also be rewarding our OG degens,” the fake post read. It also included a link with purchasing information.

The company’s account was still active while the fake social media content was live, and some responses to fans from this window were still live at the time of this writing.

This has led some community members to speculate that the token is legit, but there’s clear evidence against it.

Bubblemaps noted that the fake PUMP tokens are heavily bundled, with two clusters holding over 60% of the supply. Yet, some traders have capitalized on the hack.

One user spent $5,532 in SOL to buy the fake token and offloaded the entire supply at a higher price one minute later. This netted the user over $135,000 in profits.

Hackers Are Increasingly Targeting Social Media

This Pump.fun social media hack is hardly an isolated incident. It’s becoming a common tactic for scammers. Myanmar’s current head of state was hacked last week, as were former leaders from Brazil and Malaysia.

Today’s incident is part of a broader trend. Hackers are seemingly targeting high-profile social media accounts to quickly shill and rug pull fake tokens.

At the time of reporting, the account still looks to be compromised. Hackers have seemingly deleted the original post and are now promoting a ‘hackeddotfun’ token.

Meme coin traders should remain very cautious. Recent reports suggest that most Pump.fun users already lose money in general trading.

So, hacks like these make the environment even more treacherous. If a project seems too good to be true, it very well might be.

Conclusion

The recent hack of Pump.fun’s X account underscores the precarious state of trust in the cryptocurrency niche. With the rapid exploitation of user enthusiasm, this incident serves as a stark reminder to exercise vigilance and skepticism. Engage in prudent trading practices and always verify the legitimacy of any investment opportunities.