- Global organizations and prominent figures fell victim to a cyberattack promoting a Solana meme coin scam.
- The attackers compromised several accounts, including those belonging to institutions like the World Health Organization and the European Union.
- Despite their efforts, the scammers reportedly only made modest profits, with top traders earning about $1,000 each.
Discover how global hacks are capitalizing on the crypto frenzy amidst an emerging Solana meme coin scam – and what it means for the financial landscape.
Hackers Target Prominent X Accounts to Push Solana Meme Coin
In a bold move, cryptocurrency scammers hacked into prominent X accounts, including those of Yahoo News UK and Lenovo India, to promote a new meme coin, $HACKED. The attacks were coordinated to create a pump-and-dump scheme, where the perpetrators aimed to inflate the meme coin’s value before offloading their holdings.
The Mechanics of the Scam
Crypto investigator ZachXBT revealed that the attackers used the compromised accounts to encourage wide-scale promotion of $HACKED. Their message was clear: “THIS IS HACKED ACCOUNT!!!! INTRODUCING $HACKED ON SOLANA on each account we hack we publish the token address so we pump it and make profits together.” This approach sought to exploit the influence and reach of significant platforms.
Impact on Global Organizations
The breach extended to highly respected bodies such as the World Health Organization (WHO) and the European Union, further demonstrating the sophisticated nature of this attack. With access to such high-profile accounts, the scammers hoped to lend credibility to their fraudulent scheme.
Analyzing the Financial Impact
Despite the high-profile nature of the hacks, the scammers’ financial gains were surprisingly low. According to ZachXBT’s analysis, the top traders made only around $1,000, while the overall market cap of $HACKED reached a mere $67,000. This paltry sum highlights the limited success of the scam.
Security Recommendations in the Wake of the Scam
ZachXBT advised users to regularly check and revoke permissions for any unfamiliar or unused applications from their accounts to prevent similar security breaches. His recommendations included navigating to X settings, then to security and account access, and finally to apps and sessions or connected apps, to ensure tighter control over account permissions.
Broader Implications for the Crypto Market
While the financial damage was minimal this time, the incident underscores ongoing vulnerabilities in the crypto ecosystem. Notably, Ethena Labs had to suspend its website due to a domain account hack, and DeltaPrime DeFi protocol suffered a $6 million loss following a security breach on the Arbitrum Network. These episodes underscore the persistent risks and the need for robust security measures.
Conclusion
The Solana meme coin scam, despite its high-profile targets, resulted in limited financial gain for the hackers. However, it serves as a crucial reminder of the ever-present risks within the crypto market. Users and organizations must remain vigilant and proactive in securing their accounts to mitigate potential threats.
