A former Malaysian PM and Jupiter DEX were hacked to promote fake currencies in a series of breaches, compromising their accounts to push memecoins.
The former prime minister of Malaysia and Jupiter, a decentralized exchange (DEX) aggregator based in Solana, both had their X accounts hacked on February 5, which scammers used to advertise scam memecoins.
In a post on February 5, Jupiter Mobile’s X account raised the alert, cautioning users not to click on links or purchase any tokens listed on the main account while stating that the “team is working on restoring access.”
Siong Ong, a co-founder of Jupiter, acknowledged that the official account had been hijacked but claimed other programs the exchange used were secured by a multisignature feature that required multiple people’s consent to access.
Every program we run is in a 4/7 multisig. They’re safe. We’ll go over everything once more,” he declared.
A fraudulent memecoin with the ticker MEOW was allegedly promoted by the now-deleted posts on Jupiter’s official account. According to some users, the coin reached a $30 million market cap in seconds before the posts were removed, and the coin began to decline.
GeckoTerminal displays a coin with the MEOW ticker that is just four hours old, reached a market valuation of over $8 million, then plummeted to $88,000 after losing more than 98% of its value.
Beanie, the pseudonymous founder of the cryptocurrency venture capital firm GM Capital, conjectured that “traders lost millions instantly on this Jupiter account hack.” literally within a few minutes.
Scammers also targeted former Malaysian Prime Minister Mahathir Mohamad, using his X account to advertise a fake cryptocurrency.
In a post on X, Yu Xian, the inventor of SlowMist, said that a currency with the ticker MALAYSIA was promoted by a compromised account that belonged to Mohamad, the nation’s longest-serving prime minister.
According to data from GeckoTerminal, the token’s market capitalization rapidly increased to $3.4 million at its highest point before quickly declining. The current value is $153,000.
In the meantime, TV personality Dean Norris, who is most known for playing Hank Schrader on Breaking Bad, had his X account stolen for the second time last month to advertise a memecoin that utilized his image as part of a pump and dump scam.
Additionally, accounts issued fictitious BlackRock, JPMorgan, and Bank of America tokens on the XRPL while posing as the US Treasury.
