On February 5, the X account of Jupiter – a decentralized exchange aggregator on Solana – and the former Malaysian prime minister’s account were hacked and then used to promote scam memecoins.
Jupiter Mobile’s X account issued a warning in a post the same day, asking users not to click on any links or buy the tokens mentioned on the main account, while also stating that the team is working to restore access.
Jupiter co-founder Siong Ong confirmed that the official account was compromised, but the exchange’s other programs remain safe thanks to its multi-signature system, which requires multiple people to approve before access can be granted.
“All of our programs are protected by a 4/7 multisig system. They are safe. We will double check everything,” he said.
The posts were later deleted from Jupiter’s main account, which allegedly promoted a scam memecoin with the code MEOW. Some users said the coin briefly reached a market cap of $30 million in just seconds before the posts were deleted and the coin crashed.
Data from GeckoTerminal shows that a coin with the code MEOW created just four hours ago reached a market cap of more than $8 million before losing more than 98% of its value, falling to $88,000.
Beanie, the anonymous founder of crypto venture capital fund GM Capital, said: “Traders lost millions of dollars in just minutes due to the Jupiter account hack.”
Jupiter is not alone, former Malaysian Prime Minister Mahathir Mohamad was also targeted when his X account was hacked to promote a scam token.
Yu Xian, founder of blockchain security firm SlowMist, revealed that the account of Mahathir, Malaysia’s longest-serving prime minister, was hacked and posted a post promoting a coin with the ticker MALAYSIA.
Data from GeckoTerminal shows that the coin once reached a market cap of $3.4 million but quickly plummeted, now trading at just $153,000.
Last month, actor Dean Norris – best known for his role as Hank Schrader in Breaking Bad – had his X account hacked for a second time to promote a memecoin using his likeness in a pump-and-dump scheme.
In addition, several accounts impersonating the US Treasury Department issued fake tokens under the names of Bank of America, JPMorgan and BlackRock on the XRPL network.
