PANews reported on January 23 that according to The Block, Nasdaq's official X account was hacked and used to promote fraudulent Meme coins. Hackers linked a fake X account to Nasdaq's affiliated account and used Nasdaq's official account to forward its posts to promote a Meme coin called STONKS created on the same day. The post has been deleted and the fake X account has been suspended.

The meme coin appears to be a copycat of an existing meme coin of the same name on Solana, which owns the intellectual property of the meme. According to data from DEXscreener, the market value of the fake meme coin STONKSD soared to $80 million, but collapsed shortly after. The incident fits the pattern of well-known X accounts being hacked to promote scam tokens, which has occurred before involving celebrities and institutions.