Hack on @pumpdotfun X Account Leads to Fraudulent $PUMP Token Promotion and $600K Gain for Hackers
In a troubling development today, the official X account of @pumpdotfun was taken over by hackers and used to promote a bogus token called $PUMP.
The malicious actors behind the hack got the account’s influence to work for them and got people to take notice of the $PUMP token. They effectively pumped their holdings and dumped them after driving the price up (actually getting people to buy the token). Once the hackers were done with their operation, the price of the $PUMP token dropped, which led to the crypto market losing a lot of money and vulnerable investors losing a lot of money.
🚨 ICYMI: @pumpdotfun X account was hacked earlier today and promoted a fake $PUMP token
The hackers dumped on holders, netting ~$600k as it crashed 99.9%@zachxbt has suggested possible on-chain links to prior hacks of accounts like Jupiter DAO and DogWifCoin, hinting at a… pic.twitter.com/Ip7qqblsmG
— Alpha First (@AlphaFirst_) February 27, 2025
A Sophisticated Attack: Links to Previous Hacks
The hack of the @pumpdotfun account was not an isolated incident. Blockchain sleuth ZachXBT has linked it to other high-profile attacks, like those on Jupiter DAO and DogWifCoin. If that’s true, then the group behind this hack is likely part of a more sophisticated operation that has hit several projects in the past. Of course, the work of ZachXBT and other investigative organizations (like the good folks at C4) relies on using on-chain analysis (and some good old-fashioned common sense) to figure out just what the heck happened and to whom. It’s really becoming an essential tool for tracing the movements of funds and for identifying patterns in different scams. And, sadly, it’s becoming clear that the bad actors behind this scheme have a history of hitting prominent accounts and exploiting whatever vulnerabilities they can find. That’s the likely scenario.
The sophistication level of this attack concerns the overall security of cryptocurrency-related platforms and the ease with which evil-doers can manipulate markets. Using prominent accounts to endorse counterfeit tokens, con artists can make a serious dent in market mood and toss around the investments of without-a-clue investors. The attack’s clean execution makes an even stronger case for why something like the very mature security (blockchain) of the industry is need more than ever.
The Aftermath: The Pump Team Reclaims Control
Following the attack, the developers of the $PUMP token, known as the Pump Team, took back control of their official X account and issued a statement that attempted to put their community’s mind at ease over the platform’s security. The team confirmed that while the hack had, in fact, caused some substantial disturbances in the market, the underlying project contracts corresponding to $PUMP were completely secure. This statement and the manner in which it was delivered seemed to quiet some fears that had previously arisen in the community of investors; however, the value of $PUMP had already sustained a rather significant hit that wasn’t going to be undone any time soon.
Even though the account was regained, the tokens plummeted in value. The investors were left holding tokens that had become worthless in the day following the scam. Responding to such an incident is indeed impressive. But what this incident really does is point out once again how risky these investments are and how easy it is to be scammed when the cryptocurrency space is so unregulated.
A Trader’s Quick Thinking Leads to a $142K Profit
In the middle of the hack chaos, one sharp trader gamely took advantage of the situation with quick thinking and bold decision-making.
The trader bought a whopping 41.58 million $PUMP tokens just before price crash, spending 39.6 SOL (about $5,532) to purchase them.
Incredibly, within just one minute, this trader sold those tokens for a substantial profit, exchanging them for 1,018 SOL (about $142,000 at the time).
This move netted the trader an eye-popping 978.4 SOL profit, demonstrating the swinging-for-the-fences profit potential in even the most volatile cryptocurrencies.
Although the trader made money, his actions underscore just how ultra-volatile the crypto space is.
Just In: The @pumpdotfun account was hacked, leading to the promotion of a token named $PUMP.
A trader spent 39.6 $SOL ($5,532) to buy 41.58M $PUMP and sold it for 1,018 $SOL, worth $142k, in just 1 minute. This resulted in a profit of 978.4 $SOL.https://t.co/nXEyGSRVKz pic.twitter.com/NVaR1IAgzo
— Onchain Lens (@OnchainLens) February 26, 2025
The ability to trade profitably on that kind of rapid price change is just one reason many traders are attracted to crypto. But it definitely raises the question: How many of these profit opportunities are actually ethical, and how many are just seizing the moment in an unregulated market? It’s a story that could be told with or without the profiting-from-a-hack angle, as the reality of the situation is that much crypto trading is profit-seeking regardless of what profit-seeking activities are covered by that term.
The Broader Implications for Crypto Security
Hacking the @pumpdotfun account on X is an excellent reminder of the possible security weaknesses in the cryptocurrency industry. This industry is really growing. As it does, so do the opportunities for bad people to find ways to exploit our weaknesses. And wow, what a way to manipulate the market. You get a profile with a decent following, use it to promote a ridiculous token, and you actually make money off of it!
Talk about using social engineering to your advantage.
Despite the Pump Team taking steps to regain control and reassure the community, it’s likely the damage to their token’s reputation and value will take much longer to repair. That said, it’s crucial the team pushes forward and makes the effort for the community’s sake. It should also serve as a wake-up call for crypto projects and exchanges to work very diligently and very hard to safeguard their platforms from hacks and to rebuild trust with their user bases.
For the broader cryptocurrency community, the occurrence acts as a prompt to always be prudent when engaging with the kind of profit-making messages found on compromised Twitter accounts.
Sound investment principles should always apply: Do your own research, and don’t make decisions based on price moves that seem to be driven by non-fundamental, external factors. For now, anyway, it seems clear that the cryptocurrency industry must grow up fast, with an added focus on securing its digital asset provisions and educating investors about the kinds of risks they are taking.
To sum up, the hacking of the @pumpdotfun X account and the pushing of the fake $PUMP token point to threats in the crypto space. Even though the Pump Team has taken back control of their Twitter account, they’re still left dealing with the consequences of being hacked. Meanwhile, crypto Twitter is left to wonder just how safe it is. This case illustrates the persistent issues of security and trust in the Twitter crypto community.
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.
