- On Wednesday, a wave of cyberattacks struck prominent Twitter accounts, pushing a suspicious meme coin.
- Notable figures and brands, including Lenovo India, Oliver Stone, Yahoo News UK, and Neymar Jr., were among the victims.
- ZachXBT, a well-known crypto investigator, highlighted the incident and the limited financial impact it had.
Hackers hijacked the Twitter accounts of several prominent users to promote a Solana-based meme coin, but the scam saw minimal success due to limited trading volume and rapid price decline.
Massive Cyberattack on Twitter Promotes Dubious Meme Coin
In a recent cyberattack, numerous high-profile Twitter accounts were compromised to disseminate tweets advocating the meme coin $HACKED on the Solana blockchain. These hacked accounts, including those of Lenovo India’s division, filmmaker Oliver Stone, Yahoo News UK, and football star Neymar Jr., misleadingly endorsed the coin.
Details of the Twitter Security Breach
The tweets published by the compromised accounts claimed, “INTRODUCING $HACKED ON SOLANA,” promising profits through pumping the token. The breach and tweets were first reported by the pseudonymous crypto investigator ZachXBT. Despite the seriousness of the hack, the actual financial impact was minimal, with the attackers reportedly making only around $8,000. ZachXBT noted that the meme coin’s trading volume was relatively small, amounting to just $278,000, with the coin’s market capitalization plummeting to $5,700 after a 96% price crash within an hour.
Solana’s Significance in the Meme Coin Market
The Solana network, known for its high transaction speed and low costs, has emerged as a favorite for launching new tokens, including meme coins. The meme coin, $HACKED, exploited this trend but failed to gain significant traction. Meme coins, highly volatile digital currencies inspired by internet trends, celebrities, or real-world events, have proliferated on the Solana network due to its accessibility and efficiency.
Pump.fun Facilitating Meme Coin Creation
Earlier this year, a new platform called Pump.fun began allowing users, regardless of technical expertise or financial investment, to create meme coins on Solana. This development has democratized the creation process, enabling more individuals to participate in this niche market. Despite this innovation, it also opens up new avenues for bad actors to exploit the system, as demonstrated by the recent Twitter hacks.
Historical Context of Crypto Scams on Twitter
This isn’t the first time hackers have targeted high-profile social media accounts for crypto scams. In 2020, a significant breach saw accounts belonging to former President Barack Obama, Apple, Uber, and Kanye West, among others, used to promote a Bitcoin scheme. Such incidents highlight enduring vulnerabilities in social media platforms, despite ongoing efforts to enhance security.
Conclusion
The recent cyberattack on Twitter, aimed at promoting the $HACKED meme coin on the Solana network, ultimately had minimal financial impact due to low trading volumes and a rapid price drop. This incident underscores the ongoing security challenges facing social media platforms and the potential risks associated with the growing popularity of meme coins in the cryptocurrency market. As the ecosystem evolves, both users and platforms must remain vigilant to safeguard against such exploits.
