An unidentified hacker breached the official X account of the Nasdaq exchange to promote a fraudulent memecoin named STONKS, mimicking the original token on the Solana blockchain. This was reported by The Block.
The perpetrator initially renamed the fake page to a Nasdaq branch, posted an advertisement for the newly issued memecoin, and retweeted it on the exchange’s genuine account.
According to DEXscreener, the market capitalization of the fake STONKS coin surged to $80 million, only to collapse shortly thereafter.
At the time of writing, the tweet has been deleted and the fake accounts have been blocked.
Earlier in 2025, a number of cryptocurrency and venture projects have already been compromised to promote fake memecoins. These include the pages of Litecoin, Foresight Ventures, and LayerZero Labs’ CTO Ryan Zarick.