Fake STONKS Token Hits $80M Market Cap after Nasdaq’s X Account gets Hacked

The official X account of Nasdaq was recently compromised, allowing hackers to promote a fake memecoin named STONKS. The scam sent the token’s market cap soaring to $80 million within hours, as many investors blindly trusted the association with Nasdaq’s name.

Hackers created a fake affiliate X account tied to Nasdaq, posted about the memecoin, and retweeted the post using the hacked Nasdaq account. The result? A sudden wave of attention drove STONKS to a price of $0.01544, with over $267 million in trading volume tracked on DEXScreener. Meanwhile, liquidity for the token sat at just $1.2 million—meaning the price surge wasn’t sustainable.

Unsurprisingly, the token crashed shortly after the fake accounts were suspended, leaving many investors holding worthless coins.

The hacked Nasdaq post promoted a fake version of STONKS, which was launched the same day as the scam. However, the real STONKS memecoin already exists on Solana and has been trading since June 2024. It’s based on the viral “STONKS” meme—think Stonks Guy, the smooth-headed figure behind countless internet jokes about bad investments.

The fake STONKS token was likely so successful because its name fit perfectly with Nasdaq’s stock market reputation. Investors rushed in without double-checking legitimacy, boosting the token’s price and market cap in just hours. But once the post was removed, reality hit fast – along with the inevitable crash.

Unfortunately, this isn’t the first time major X accounts have been hacked to push scam coins. Celebrities, corporations, and now even trusted financial giants like Nasdaq have been targeted. These scams rely on the public’s trust and FOMO (fear of missing out), making it critical for investors to stay cautious when dealing with sudden crypto hype on social media. We reported today on a similar hack that has taken place with deceased John McAffee’s X account.