In a shocking turn of events, both the decentralized exchange aggregator Jupiter and the ex-prime minister of Malaysia fell victim to a series of hacks on their social media accounts. These breaches, which occurred on February 5, saw scammers seize control of their profiles to promote fraudulent memecoins.
The team behind Jupiter Mobile swiftly alerted their users about the breach through an official post, cautioning them against clicking any suspicious links or purchasing tokens advertised through the compromised account. The tweet stated, “The team is working on restoring access”, underscoring their urgency to resolve the issue. Siong Ong, co-founder of Jupiter, confirmed the hijack and reassured users that the exchange’s other operational protocols remained secure, thanks to their multisignature protection which requires multiple approvals before access can be granted.
Unfortunately, the account’s compromised posts advertised a memecoin under the ticker MEOW, which skyrocketed in popularity. Some reports indicated that it reached a staggering market cap of $30 million before being promptly eliminated after the posts were deleted. GeckoTerminal reported this coin peaked at over $8 million before plummeting over 98%, leaving many traders in shock.
In conjunction with this, the account belonging to Mahathir Mohamad, Malaysia’s longest-serving prime minister, was also taken over by scammers promoting a counterfeit token labeled MALAYSIA. At its peak, this sham coin garnered a market cap of roughly $3.4 million but soon crashed to about $153,000, revealing the risky nature of trading in such volatile landscapes.
Onlookers were astounded as prominent figures in the crypto space, like Beanie, a pseudonymous founder from GM Capital, remarked that “Traders lost millions instantly on this Jupiter account hack. Literally in a matter of minutes.” The frequency of these hacks raises concerns regarding the security of accounts on cryptocurrency platforms, as evidenced by similar attacks that have plagued celebrities and even institutions in the past.
In an era where trust in digital currencies is paramount, incidents like these heighten apprehensions for investors. It serves as a stark reminder that while opportunities abound in the crypto world, one must remain vigilant and skeptical about the offers that surface, especially when they originate from compromised accounts.
The incident sheds light on the wider issue of security in the burgeoning memecoin market. As these tokens gain traction, platforms must bolster their security protocols to prevent unauthorized usage that can devastate investors. Moving forward, stakeholders in the crypto community must advocate for greater protections whether through multisig strategies or enhanced account security measures to safeguard against potential breaches.
