Pump.fun's X (formerly Twitter) account was hacked today, promoting a counterfeit governance token. In a matter of minutes, one wallet pocketed over $135,000 by manipulating the token's price surge.

Despite the platform's denial of launching its own token, eager enthusiasts still fell prey to the scam. Remaining cautious and levelheaded in such environments is paramount.

The hack specifically targeted Pump.fun, a renowned meme coin launchpad, sparking speculations among its users about an upcoming token launch – a belief that scammers exploited.

The fraudulent post claimed the introduction of "PUMP," the purported official Pump.fun governance token, enticing users with promises of rewards for "OG degens." A link for token purchase was included in the post.

During the hack, Pump.fun's account remained active, with some responses to fans visible. However, the legitimacy of the token was questioned as Bubblemaps highlighted heavy clustering of the fake PUMP tokens, primarily held by a few entities.

While skepticism loomed, some traders seized the opportunity, with one user making substantial profits of over $135,000 by swiftly trading the fake tokens.

This incident adds to the troubling trend of social media hacks targeting high-profile accounts to promote fraudulent tokens – a tactic increasingly employed by scammers.

As the compromised account continues to show signs of vulnerability, caution is advised for meme coin traders, especially in light of reports suggesting significant losses within the Pump.fun community.

To navigate the evolving landscape of crypto trading, vigilance is key. Remember, if an opportunity appears too good to be true, it likely is.

Stay informed and stay safe in the world of crypto trading.

Check out the latest top crypto platforms for February 2025: Phemex, Bybit, Margex, BingX, and Сoinex.