Pump.fun X Account Hacked to Promote Fake PUMP Coin

Pump.fun X Account Hacked to Promote Fake PUMP Coin

Pump.fun’s official X (formerly Twitter) account was hacked early Wednesday, leading to the promotion of fraudulent tokens, including a fake “official governance” token. The scam token briefly reached a $5 million market cap before plummeting, as traders realized it was heavily concentrated in a few wallets.

Co-founder of Pump.fun, Alon Cohen, confirmed the breach, urging users to avoid interactions with the compromised account, while also suggesting the attack originated from within X’s infrastructure rather than a failure in the platform’s security.

ZachXBT linked the hack to similar X account takeovers affecting Jupiter DAO and Dogwifhat (WIF), pointing to potential social engineering of X employees or an exploited administrative panel. This comes amid a rising wave of compromised accounts pushing illicit crypto projects, including past breaches of Nasdaq’s and World Liberty Financial’s X accounts.

Pump has denied any plans for a governance token, yet rumors of an official launch had circulated in recent weeks. While memecoin trading volume has cooled after the LIBRA token scandal, the platform remains a major hub, with over 8 million tokens deployed since launch last year.

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Bank of America Signals Readiness for Stablecoin Entry

Bank of America CEO Brian Moynihan confirmed the bank will issue a stablecoin if Congress legalizes it, marking a significant shift for the financial giant. “If they make that legal, we will go into that business,” Moynihan stated at the Economic Club of Washington, aligning with the Trump administration’s push for clear crypto regulations.

With stablecoins processing over $33 trillion in transactions last year, the sector has already overtaken Visa and Mastercard in volume. Lawmakers aim to pass stablecoin legislation within the first 100 days of Trump’s presidency. While Democrats have raised concerns about illicit use, Republican control of Congress increases the likelihood of a stablecoin-friendly regulatory framework.

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Ethereum Foundation Donates $1.25M for Tornado Cash Dev

The Ethereum Foundation has pledged $1.25 million to fund the legal defense of Tornado Cash developer Alexey Pertsev, convicted in the Netherlands of laundering $1.2 billion in illicit assets. “Privacy is normal, and writing code is not a crime,” the foundation stated, framing the donation as a stand for open-source. Pertsev, arrested in 2022 and sentenced to 64 months, is currently under house arrest.

Critics argue that sanctioning a decentralized protocol sets a dangerous precedent. Coinbase has backed a lawsuit against the U.S. Treasury, calling the Tornado Cash ban an attack on civil liberties. As privacy advocates rally behind Pertsev, Ethereum’s core developers face mounting pressure to ensure on-chain anonymity remains protected.

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Lazarus Exploited Safe Developer to Execute $1.5B Bybit Hack

According to new information, North Korea’s Lazarus Group compromised a Safe developer’s machine, injecting malware that ultimately enabled the $1.5 billion Bybit hack, according to a forensic report by Sygnia. The attack exploited Safe(Wallet)’s AWS infrastructure, using a modified JavaScript file to manipulate transaction approvals without Bybit’s signers realizing it.

Bybit’s security itself wasn’t breached, but the attack was highly targeted, only activating for Bybit’s contract address, Sygnia reported. Former Binance CEO Changpeng Zhao questioned how the attack bypassed Ledger verification, calling Safe’s response “vague” and raising concerns about other potential vulnerabilities.

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Data of the Day

MicroStrategy’s stock (MSTR) has fallen 50% from its all-time high, raising concerns over its $43.4 billion Bitcoin position. Despite the drop, the company still holds 499,096 BTC unencumbered, with an average cost basis of $66,300 per coin. Analysts note that Bitcoin would need to crash below $16,500 before MicroStrategy faces any forced liquidations.

Two of MicroStrategy’s largest convertible bonds, due in 2029 and 2030, are currently out-of-the-money, making future refinancing critical. Founder Michael Saylor, however, remains steadfast, emphasizing that the firm has no immediate plans to sell Bitcoin. While leveraged MSTR products have collapsed over 90% from their peaks, MicroStrategy’s long-term strategy relies on BTC’s eventual recovery.

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More Breaking News

• US spot Bitcoin ETFs saw a record $1 billion in daily outflows, bringing the six-day total to over $2 billion amid institutional rebalancing.
• The UK introduced a Crime and Policing Bill aimed at enhancing law enforcement's ability to seize and value cryptocurrency linked to criminal activity.
• Ark Invest purchased $8.7 million in Coinbase shares while offloading nearly the same amount in its own Bitcoin ETF amid ongoing market volatility.
• Gold-backed cryptocurrencies surged as gold ETFs recorded their largest inflow since 2022, driven by geopolitical uncertainty and rising metal prices.
• MEXC invested $20 million into Ethena’s synthetic stablecoin USDe as competition in the stablecoin sector intensifies.
• Ondo Finance has joined Mastercard’s Multi-Token Network, bringing tokenized US government treasuries to the payments giant’s platform.
• Hamster Kombat launched its own layer-2 blockchain, the Hamster Network, on The Open Network (TON) to support Telegram crypto games and apps.
• Paradigm has hired crypto detective ZachXBT as an adviser to bolster cybersecurity and incident response for its portfolio companies.

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