Scammers Hack X Accounts, Promote Scam Coin, Barely Make $8K – Brilliance or Silliness?

• A scammer group hacked several X accounts, announced the hack, andtried to shill a meme coin scam ($HACKED).
• They made $8K after dumping liquidity, and ZachXBT (blockchain sleuth) says they likely made a loss in the process.
• The coin skyrocketed by 900% in less than an hour, followed by a sudden dump when it lost over 93% of its value.

A new crypto scam has surfaced, and it's terrifying...ly ineffective. To do it, you first hack a couple of X accounts, publicly announce that you've hacked them, and then try to promote a meme coin scam.

All in one fell swoop.

Does it work? Not really, unless you count $8K as a worthy pay-off for the risk of hacking high-profile X accounts (like Yahoo News UK and MoneyControl).

That's precisely what happened yesterday, asseveral unknown crypto scammers tried and failed with this tactic.

Let's see what happened.

New Crypto Scam Formula Fails Miserably

On September 18, ZackXBT (blockchain sleuth) raised the alarm about several large' X accounts that were compromised, seemingly by the same group.

All accounts were promoting a Solana meme coin named $HACKED,' while also stating that the accounts were hacked.

You might ask yourself, Why give away the hack?' but the hackers thought ahead. Apparently, they did that to pump' the meme coin and make profits together.'

If that doesn't make sense, your guess is as good as mine. ZachXBT later reported that the scammers barely made $8K after removing liquidity. The token had reached a $67K market cap, with top traders making ~$1K.

Perhaps the transparency of the hack was supposed to fuel a renegade'-type movement from users, but that didn't pan out.

ZachXBT also notes that the hackers likely lost money purchasing this method.' As it seems, the $8K they made wasn't even profit.

What Happened to the $HACKED Meme Coin?According to DEXScreener, the coin shot up by 900% in an hour before a complete dump to the netherworld.

From a peak market cap of $67K, it's now barely at $4.1K, a 93% decrease. It's a clear pump-and-dump scheme, only a rather unsuccessful one.

The more interesting question is how the scammers hacked all those X accounts simultaneously. It's likely that theaccount holders all used the same site or app and gave it too many permissions.

This isn't a new phenomenon. Other high-profile X accounts have been hacked to shill meme coins in the past year:

• MicroStrategy
• Algorand
• Rocket Pool
• Compound Finance
• Ava Labs
• Vitalik Buterin, Ethereum co-founder

Verdict - Don't Invest in Meme Coins Shilled by Hacked X Accounts

Watch out for X posts that do the following:

• Say that the account was hacked
• Promote a dubious meme coin

If you see one, give it more thought and do your own research before making any decision. The crypto space is filled with scams, and it's often the user's responsibility to avoid them.

References

• ZachXBT X Post About the X Hack (X)
• $HACKED Meme Coin on DEXScreener (DEXScreener)

The post Scammers Hack X Accounts, Promote Scam Coin, Barely Make $8K - Brilliance or Silliness? appeared first on The Tech Report.