The Solana-based decentralized exchange (DEX) aggregator Jupiter has successfully regained control of its X account after it was compromised by crypto scammers who used it to promote a fraudulent meme coin.
In a post on Feb. 6, Jupiter reassured its community that no funds were at risk throughout the incident. The team confirmed that all user and treasury assets remain securely stored in multisig wallets. The breach was strictly limited to the platform’s X account, with no other communication channels affected.
How the Hack Unfolded
The attack took place late on Feb. 5, with several community members quickly identifying and raising concerns over suspicious activity. Jupiter Mobile’s X account swiftly responded by warning users against clicking links or engaging with the fraudulent token promotions originating from the compromised main account.
Crypto venture capitalist Beanie, the pseudonymous founder of GM Capital, criticized the recurring issue of billion-dollar crypto protocols failing to secure their social media platforms. He estimated that traders lost millions within minutes of the breach.
Although Jupiter assured users that their funds remained untouched, some community members expressed frustration that the financial losses incurred from the scam were irreversible.
Scammers Promote Fake Meme Coin MEOW
Exploiting the compromised account, the attackers promoted a meme coin inspired by Jupiter’s cat mascot, with the ticker MEOW. The token’s value reportedly skyrocketed to a $30 million market cap within seconds before the developers executed a rug pull, dumping their holdings and erasing all gains.
All fraudulent promotional posts have since been removed.
Community Response and Security Concerns
While many users criticized Jupiter for not implementing better security measures, others praised the team’s rapid response and transparency. One user even stated that the platform’s quick recovery reinforced their trust in Jupiter.
Despite the swift action, the incident contributed to a temporary drop in JUP, Jupiter’s native token, which saw its price fall by more than 5% following the breach.
Wider Crypto Security Threats
The attack on Jupiter is part of a growing trend where scammers hijack the X accounts of major blockchain projects, celebrities, and public figures to promote fraudulent tokens and phishing scams.
Last month, Breaking Bad actor Dean Norris fell victim to a similar scheme when his X account was used to advertise a fake token based on his persona. Scammers inflated its market cap to $8.4 million before cashing out.
Just days prior, Cuba’s Ministry of Foreign Affairs also had its official X account locked following a suspected security breach.
Conclusion
The Jupiter X account hack underscores the persistent cybersecurity challenges in the crypto industry. While the project quickly regained control, the event highlights the urgent need for platforms to enhance their social media security to prevent similar exploits.
For more updates on blockchain security and crypto market trends, visit Hotcoin Forum, Hotcoin Insider, and Hotcoin News. Stay informed about the latest developments at Hotcoin.