Pump Fun’s X account was hacked today and used to launch a phony “governance token” called “$PUMP” that rose 517,000,000% in price before crashing 99.9% in minutes.
The platform’s 23-year-old pseudonymous COO, Alon Cohen, posted on X, “account has just been compromised. Please don’t interact.”
The hacked account said, “Introducing $PUMP,” and claimed it was, “The OFFICIAL pump.fun GOVERNANCE token, where Democracy has never been this degen.”
It attempted to promote at least two different token contact addresses and claimed that Pump Fun would supposedly use 50% of its fees to buy back the tokens and lock them up for five years.
It said the token “will allow holders to vote on platform changes and reward long-time users for being an OG degen.” One token reached a market cap of over $414 billion.
Crypto sleuth ZachXBT claims the hackers are connected on-chain to the Jupiter DAO and DogWifCoin account compromises.
At the current time, all the fraudulent posts have been deleted except one where the hackers seemingly joke that they should release a “legit” token called “hackeddotfun.”
Protos has reached out to Cohen for comment.
Source: protos.com
