The hackers gained access to the Memecoin platform Pump.Fun’s X Account on February 26, which raised questions about security at an important time for Memecoins and the crypto industry as a whole.
The platform has since regulated its X account. Pump.Fun said it was unlikely that any of its staff were guilty because it followed the “best industry skills, and focused on minimizing the risk of such an event.”
According to blockchain sleuths like ZachXBT, platform attacks can be done by both hackers responsible for other similar exploits.
While the pump.fun incident is rapidly close to the next without injury, the memecoins are under the increasing investigation, and security issues are ahead of the blockchain industry’s mind.
Hackers posted a link for a fake management token. Source: Zachxbt
Pumps.Fun hackers are also responsible for Jupiter Dao and Dogwifcoin
After accessing access to the X.Fun’s X account, hackers quickly offered a fake token management to potential marks, saying “Democracy has never been this degen.”
The account breaching is quickly being blown by blockchain investigator and analyst Zachxbt, which warns users to stay away on the X page and unable to mix any links to the page.
He also tracked hackers back to previous incidents of compromised X accounts, especially those based on decentralized exchange (DEX) Jupiter Dao and Memecoin Dogwifcoin.
Connecting the address used by phishers on the pump.fun page with other hacks. Source: zachxbt
ZachXBT said, “Notice that these attacks are probably not the fault of any of the pump or Jupiter teams.”
In the explanation of its X post after returning access to its account, Pump.Fun detailed the various security measures required. This Says That no messages are sent to the account associated with the account regarding Two-Factor Verification changes (2FA), Email, Password or Delegation.
The platform also claims that it has many other care care, such as 2FA physical backups, regularly changes unique and complex passwords, and not having a 2FA connected to any email addresses.
Pump.Fun’s latest post about the incident said “Continue to monitor the situation and study any scenario that can take place and be surprised if there are any updates.”
Related: 8 most common cyberattacks and how to prevent them
The pump.fun social media hack is the latest in an all-too-common pump attack of phishing attacks on known social media-related accounts or even the institutions themselves.
Cryptocurrency Exchange Bybit was a victim of an attack on phishing in which North Korea hacker group Lazarus stole more than $ 1.4 billion in Ether (Eth). A chainalysis report following the incident found that the selected attack by the hacker vector was a phishing campaign Targeting the cold exchange signers of the exchange wallet. They were allowed to get access to the Bybit user interface and replace a multisignature wallet contract with their own malicious version.
Memecoins involved in high-profile exploitation and scandal
The Memecoins – which quickly launches in the middle of a feather of investors aimed at making a quick buck before disappearing quickly – have become a major target for phishing attacks, exploitation and scandal.
As Cointelegraph reported in Feb. Directing users to phishing sites.
Phishing links to the token’s Telegram Channel. Source: scam sniffer
This is particularly problematic because the president of the Central Africa Republic Faustin-Archange Touadéra seems to give the token a nod of approval. He has Na -Post In X that the government has launched the token to “unite people, support the national development, and put the Central Africa Republic on the world stage in a unique way.”
At the time of publishing, the project of the project is still suspended.
Moreover, Zachxbt has Lazarus -linked In a number of recent Solana Memecoin scams, including rug pulls, at the pump.Fun itself: “I made 920+ addresses receiving funds tied to Bybit Hack Public and noticed someone washing for the Lazarus team who had previously launched meme coins by pump fun.”
Memecoin scandals have also reached the office of the Argentina president.
Earlier in February, the launch of Memecoin Libra, which is said to include the founding of the founders – that is, a form of insider trading – Argentine president Javier Milei. The politician promotes the token at X before his post was removed when the price dropped.
While there are no cyberattacks involved in the Libra incident, it gets attention to the irregular and “wild west” nature of the Memecoin market.
Regulators are aimed at purpose in Memecoins
Memecoin market activity has already drawn the attention of regulatory agencies around the world. On February 20, the US Securities and Exchange Commission revealed that it creates a new group To combat the misbehavior of the cyber, including the fraud involving crypto.
Elizabeth Davis, a partner of law firm Davis Wright Tremaine and an ex-commodity futures trading commission (CFTC) chief trial attorney, said the CFTC Memecoins can handle future.
He had earlier told Cointelegraph, “There was a focus on the retail participants, and the CFTC was dedicated to protecting market participants from fraud and manipulation, and it included the retail population that was most likely to use memecoins.”
Related: The law firm demands pump.fun remove more than 200 memecoins using its IP
Although regulators in Dubai, who usually take a progressive approach to cryptocurrencies, have issued a warning about the dangers in Memecoin. “Many such properties are deficient in intrinsic value and get their pricing from social media trends, hype, or misleading promotional strategies,” Virtual Assets and Regulation Authorities said. It further said that the memecoins released under its constituents should obey the law.
Recent incidents and increased investigations have moved further, including an unidentified founder of pump.fun suggests that the industry needs “guards.” This includes better user education, onboarding and obtaining user protection “more serious.”
Throughout the crypto history, the memecoins have fell in and out of trend. The regulators are clearly preparing to deal with them during this cycle and the next. At the time of writing, Memecoin’s popularity has reached the lowest level since January, but some believe it will not rise.
Waves Defi Protocol founder Sasha Ivanov told Cointelegraph Magazine:
“This economic economy cannot be stable, and it will be short-lived, so it will last for half a year more, and then we will see something else.”
Magazine: Defi will rise again after the memecoins dies: Sasha Ivanov, X Hall of Flame
