Jupiter DEX co-founder Siong Ong assured users that exchange funds and programs were safeguarded via multisignature protections.
The compromised Jupiter account promoted a scam token, MEOW, which reached a peak market cap of $30 million within seconds.
The incident reflects a growing trend of hackers exploiting meme coin hype, following a similar case involving former Malaysian Prime Minister Mahathir Mohamad’s X account.
Jupiter, the popular Solana-based decentralized exchange (DEX) aggregator, faced a breach of its X account with hackers trying to promote scam meme coins through its official handle. In a post on Wednesday, Jupiter Mobile’s X account warned people not to click on links and buy any tokens appearing on the main account. However, in a recent update, Jupiter DEX noted that they have restored the official account again.
Jupiter DEX Secures the Account Reporting No Major Losses
Siong Ong, the co-founder of Jupiter DEX acknowledged the compromise on their official X account. However, he assured users that they had safeguarded the exchange programs via multisignature feature, requiring multiple approvals for access. The official handle of Jupiter DEX posted confirming that they have secured access to the account.
we’ve regained control of our account.
to be clear: no customer or treasury funds were ever in danger. all programs and funds are in held in secure multisigs. no other comms channels were affected.
and, thankfully, all of our team members are safe.
jupiter is fully…
— Jupiter (🐱, 🐐) (@JupiterExchange) February 6, 2025
we’ve regained control of our account.
to be clear: no customer or treasury funds were ever in danger. all programs and funds are in held in secure multisigs. no other comms channels were affected.
and, thankfully, all of our team members are safe.
jupiter is fully…
— Jupiter (🐱, 🐐) (@JupiterExchange)
The now-deleted posts on Jupiter’s main account allegedly promoted a scam meme coin, MEOW, which some users claimed reached a $30 million market cap within seconds before being deleted and the coin rug-pulled. According to GeckoTerminal, the MEOW token, which had only been active for four hours, saw its market cap spike to over $8 million before plummeting by more than 98%, crashing to $88,000.
Crypto Hackers Are Shilling Meme Coins
Amid the strong meme coin mania and huge retail participation, crypto hackers have turned to shilling dubious meme coins causing the pump and dump and draining retailers out of liquidity.
This incident follows a similar scam involving former Malaysian Prime Minister Mahathir Mohamad, whose X account was hijacked to promote a fraudulent token.
Yu Xian, founder of SlowMist, revealed in a on X that Mahathir’s account, belonging to the nation’s longest-serving prime minister, was compromised to advertise a token with the ticker MALAYSIA. According to GeckoTerminal data, the token’s market cap surged to a peak of $3.4 million before rapidly plummeting, now resting at just $153,000.