Pump.fun’s X (formerly Twitter) account suffered a hack this morning, promoting a fake governance token. One wallet was able to gain over $135,000 in one minute by manipulating its price jump.
The platform denied that it would launch its own token, but enthusiasts still jumped at the chance to be scammed. In this environment, it’s very important to remain cautious and levelheaded.
Hackers Promote Fake Pump.fun Token
Pump.fun, the popular meme coin launchpad, has persistently denied rumors that it would launch its own token. Still, its users and supporters are eager to believe that such a launch would take place, to the extent that many fell for a scam.
This morning, a hack targeted Pump.fun’s X account, claiming that a new investment opportunity was available:
“Introducing PUMP, the official Pump.fun governance token, where democracy has never been this degen. We will also be rewarding our OG degens,” the fake post read. It also included a link with purchasing information.
The company’s account was still active while the fake social media content was live, and some responses to fans from this window were still live at the time of this writing.
This has led some community members to speculate that the token is legit, but there’s clear evidence against it.
Bubblemaps noted that the fake PUMP tokens are heavily bundled, with two clusters holding over 60% of the supply. Yet, some traders have capitalized on the hack.
One user spent $5,532 in SOL to buy the fake token and offloaded the entire supply at a higher price one minute later. This netted the user over $135,000 in profits.
Hackers Are Increasingly Targeting Social Media
This Pump.fun social media hack is hardly an isolated incident. It’s becoming a common tactic for scammers. Myanmar’s current head of state was hacked last week, as were former leaders from Brazil and Malaysia.
Today’s incident is part of a broader trend. Hackers are seemingly targeting high-profile social media accounts to quickly shill and rug pull fake tokens.
At the time of reporting, the account still looks to be compromised. Hackers have seemingly deleted the original post and are now promoting a ‘hackeddotfun’ token.
Meme coin traders should remain very cautious. Recent reports suggest that most Pump.fun users already lose money in general trading.
So, hacks like these make the environment even more treacherous. If a project seems too good to be true, it very well might be.
Wirex
YouHodler
eToro
eToro
eToro
eToro
Phemex
BingX
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
