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Investing.com-- Nasdaq’s official X account was compromised and used to promote a fraudulent memecoin, causing a sharp but short-lived surge in the token’s value.
The exchange operator’s X account shared a post from an account claiming to be an affiliate, which promoted a memecoin named STONKS. The token appeared to be a copycat of an already existing token on the Solana blockchain.
The fraudulent post has since been deleted and the fake account has been suspended. The event is a fairly common practice by hackers and scammers- wherein they impersonate a celebrity or an account with a large following, and use it to promote fraudulent crypto tokens.
The fake memecoin’s market capitalization surged to a record high of about $80 million before almost immediately crashing, data from Dexscreener showed.
Nasdaq Inc (NASDAQ:NDAQ) did not immediately respond to a mailed request for comment.