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Journalist
Hassan Shittu
Journalist
Hassan Shittu
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Key Takeaways:
- Hacked social media accounts are increasingly being used to promote fraudulent coins, exposing vulnerabilities in platform security.
- The Pump.fun and Binance affiliate X account breach shows the risks of coordinated scams exploiting trusted crypto platforms to deceive users.
- Crypto experts and leaders urge the community to adopt stronger security measures, such as two-factor authentication, to combat these rising threats.
On Wednesday, Binance founder Changpeng “CZ” Zhao warned the crypto community about a rise in hacked accounts promoting scam meme coins.
Zhao took to social media to warn about a rise in fraudulent activity and urge users to stay vigilant against accounts falsely claiming to be affiliated with Binance or other Web3 firms.
His warning comes amid another security incident involving the popular Solana-based meme coin platform, Pump.fun.
On February 26, Pump.fun’s X account was compromised and used to promote a fraudulent governance token called “PUMP,” alongside other scam coins.
CZ Sounds Alarm on Hacked Accounts Pushing Fake Meme Coins
According to CZ’s X post, one account, “Artists Voyage,” posed as a social media manager and content writer for Web3 companies while falsely claiming ties with Binance and Binance Labs.
CZ explained that the account was likely hacked—it suddenly began promoting new meme coins, and its profile was altered.
He clarified that the individual behind the account did not work for Binance or YZi Labs but had been a longtime supporter of BNB.
Zhao emphasized that YZi Labs staff would never privately promote tokens and warned that any such behavior would result in immediate termination.
“This account probably just got hacked. It suddenly started to reach out to people to promote new meme coins. And the profile changed.” Zhao said.
Blockchain investigator ZackXBT also flagged the Pump.fun hack, urging users to avoid interacting with any links posted by the compromised account.
ZackXBT linked the attack to a broader pattern of social media exploits targeting crypto-related accounts.
The scammer behind the Pump.fun breach used the compromised account to falsely advertise “PUMP” as an official governance token, misleading users with exaggerated claims and promised rewards for early adopters
In a further escalation, the hackers also promoted another token named “GPT-4.5,” claiming they would delete the Pump.fun X account if the token reached a $100 million market cap.
Pump.fun acknowledged the breach in a Telegram post, warning users against engaging with its compromised X account.
“Our X account is compromised. Do not interact with it. We are investigating,” a staff member posted.
X Hacks Continue as Scammers Exploit High-Profile Accounts for Meme Coin Scams
Hackers have increasingly turned X into a battleground for meme coin scams, hijacking high-profile accounts to push fraudulent tokens.
On February 5, 2025, Jupiter’s official X account was compromised and used it to push a fake token, $MEOW, referencing the project’s co-founder.
Despite the team’s swift response, the scam posts spread before they were deleted.
This incident mirrors previous breaches, such as the January attack on Breaking Bad star Dean Norris’ account, where a fake meme coin named DEAN was falsely endorsed using manipulated media.
Litecoin’s X account was also hacked in January, with scammers falsely claiming that LTC had launched on Solana.
A December 2024 report by blockchain investigator ZachXBT linked at least 15 hacked accounts to meme coin scams, resulting in over $500,000 in losses.
The scammers employed phishing tactics to steal login credentials and transferred stolen funds between Solana and Ethereum.
Crypto Security Risks Continue to Rise
As crypto-focused and other high profile X accounts become prime targets for hackers, the Pump.fun breach and similar incidents expose critical vulnerabilities in platform security.
Despite declining meme coin trading volumes and Solana’s recent price struggles, scammers are intensifying their tactics, exploiting compromised accounts to deceive users and promote fraudulent tokens.
These incidents highlight the ongoing threat of social media hacks in the crypto space, reinforcing the need for strong security measures such as two-factor authentication (2FA), unique email setups, and heightened vigilance against phishing attempts.
Frequently Asked Questions (FAQs)
Hackers commonly use phishing attacks, social engineering tactics, and weak password exploitation to compromise high-profile crypto accounts.
Users can identify suspicious activity by verifying information through official channels, avoiding unsolicited links, and reporting suspicious accounts using platform-specific reporting tools.
To protect themselves, users should enable two-factor authentication, use strong and unique passwords, verify token legitimacy through official sources, and avoid interacting with suspicious links or accounts.
Social media platforms are enhancing security by promoting two-factor authentication, implementing stricter access controls, and educating users on identifying phishing attempts and social engineering tactics.
These hacks erode trust in the crypto community by damaging the credibility of projects, reducing investor confidence, and increasing skepticism toward legitimate platforms.
