Hackers Exploit Nasdaq’s X Account in $80M Meme Coin Scam

News on the Blockchain, January 24th, 2025

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📈 Preview On Today’s News:

1. - Hackers Exploit Nasdaq’s X Account in $80M Meme Coin Scam

2. - Trump Signs Executive Order to Create US Digital Asset Stockpile

3. - Morgan Stanley Teams Up with Regulators on Crypto Expansion 

Keep reading below for more!

Today’s News:

1)

Hackers Exploit Nasdaq’s X Account in $80M Meme Coin Scam

Hackers gained control of Nasdaq's X account, using it to promote a fake meme coin named STONKS. The scam leveraged a fraudulent, gold-verified profile (@nasdaqmeme) to create a false sense of legitimacy, tricking investors. Within hours, the fake token’s market cap skyrocketed to $80 million before collapsing to zero, leaving investors with significant losses. Reports indicate the scammers netted at least $4 million in stolen funds. The legitimate STONKS team condemned the scam and announced plans to pursue legal action.

• Hackers hijacked Nasdaq's X account, promoted a fake token, and exploited a verified badge to defraud investors, leading to $4 million in stolen funds.

• The incident highlights the growing risks of social media account breaches in the crypto industry, with bad actors targeting major platforms and figures to push fraudulent tokens.

2)

Trump Signs Executive Order to Create US Digital Asset Stockpile

US President Donald Trump has signed an executive order establishing a digital asset stockpile, signaling a significant shift in U.S. crypto policy. The order creates the Presidential Working Group on Digital Asset Markets, tasked with developing a regulatory framework for digital assets, including stablecoins, and exploring a strategic national digital assets reserve. Chaired by David Sacks, the group includes key government officials and agencies, all of whom must evaluate and recommend regulatory changes within 180 days. The order prohibits the promotion or development of CBDCs, aligns with Trump’s pro-crypto stance, and revokes previous Biden-era policies that hindered innovation. This move underscores Trump's commitment to strengthening U.S. leadership in digital finance.

• Trump’s executive order establishes a digital asset stockpile and a Presidential Working Group to craft a regulatory framework for digital assets and a national reserve.

• The order prohibits CBDC development, overturns Biden-era crypto policies, and reaffirms Trump's pro-crypto agenda to bolster U.S. innovation and leadership in digital finance.

3)

Morgan Stanley Teams Up with Regulators on Crypto Expansion 

Morgan Stanley is set to collaborate with US regulators to enhance its cryptocurrency offerings, according to CEO Ted Pick in a CNBC interview. The announcement coincides with US President Donald Trump’s pro-crypto administration, which has already introduced initiatives like the Crypto Task Force under acting SEC Chair Mark Uyeda. This move aligns with broader efforts by traditional financial institutions to embrace digital assets, with Morgan Stanley leading the way as the first US bank to offer crypto funds in 2021 and Spot Bitcoin ETFs in 2024.

• Morgan Stanley plans to work with US regulators to develop safe and compliant cryptocurrency offerings, leveraging its leadership in the crypto banking sector.

• Under President Trump’s pro-crypto administration, the digital asset industry is poised for transformation, with initiatives like the Crypto Task Force accelerating adoption and regulation.

Disclaimer:

The information provided in this newsletter is based on our data findings and opinions. It is intended for informational purposes only and should not be considered financial advice. Cryptocurrency investments carry significant risk, and it is important to conduct your own research and consult with a qualified financial advisor before making any investment decisions. We are not responsible for any financial losses or gains you may incur as a result of using this information.

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