In a concerted strike, hackers gained control of the X accounts of Jupiter DEX, a decentralized exchange aggregator, and former Malaysian Prime Minister Mahathir Mohamad. The stolen accounts were used to spread bogus meme coins, resulting in substantial financial losses for dealers and investors.
On February 5, scammers compromised Jupiter DEX’s official account and used it to promote a bogus coin named MEOW. Before the hoax’s revelation, the coin’s market capitalization allegedly surged to $30 million in seconds, leading to a swift decline. The Jupiter team replied promptly, urging users not to engage with the bogus posts. Co-founder Siong Ong told the community that, while the social media breach was troubling, the platform’s core systems were still safeguarded by multi-signature security mechanisms.
Meanwhile, former Prime Minister Mahathir Mohamad’s X account was also hacked to promote a fake coin named MALAYSIA. A message falsely stated that it was Malaysia’s official cryptocurrency and encouraged followers to invest. The plan resulted in a rapid market cap increase to $3.4 million before the token collapsed to $153,000. Cybersecurity expert Yu Xian confirmed the incident and cautioned that scammers continue to use government personalities to justify their fraudulent schemes.
These episodes are part of a larger trend of high-profile cryptocurrency-related social media escapades. Last month, hackers hijacked actor Dean Norris’ X account and used his likeness to peddle another pump-and-dump token. Similarly, phony accounts impersonating big financial firms, such as JPMorgan and BlackRock, have been used to defraud investors.
As thieves improve their methods, the cryptocurrency community is reminded to remain watchful against bogus advertisements. Experts encourage people to verify sources before participating in any investment offers and to avoid clicking on dubious links, even those from seemingly authentic accounts.
