Memecoin Scam Alert: Pump.Fun X Account Hacked, Promotes Fake PUMP Token
The Solana-based memecoin Launchpad Pump.fun's X account was hacked, promoting fake cryptocurrencies, including a fraudulent PUMP governance token. Hackers shared contract addresses for various memecoins before deleting them. The crypto community quickly identified the PUMP token as a scam, with warnings issued about its potential for a significant dump due to 60% of its supply being held in two clusters. Hackers extracted approximately $600,000 shortly after promoting the token. Other promoted tokens included OG, Extract Protocol (EXAI), and Pump.fun Hacked (HACKED), yielding around $90,000. On-chain detective ZachXBT linked the hack to previous compromises of Jupiter DAO and DogWifcoin, suggesting social engineering as a possible cause. Investor sentiment towards memecoins has declined significantly, with some calling the incident a critical blow to the sector. Pump.fun's team has regained access to their account and is investigating the attack.
