DB news X account hack leads to 20% Trump memecoin pump and dump

On March 13, hackers seemingly took control of DB, a well-known crypto news platform, using its X account to spread false information about Donald Trump’s TRUMP memecoin and a fabricated BlackRock ETF filing for Hyperliquid.

The misleading posts had an immediate impact. TRUMP’s price surged by 20% before quickly collapsing, while the fake ETF news caused a separate 6% price fluctuation for Hyperliquid’s HYPE token.

Blockchain analytics firm Lookonchain revealed that a trader attempted to capitalize on the chaos by withdrawing 504,820 USDC from Binance to buy TRUMP tokens. However, after the truth emerged, the trader sold at a loss, losing $26,820 in USDC within minutes.

Following the incident, DB deleted the unauthorized posts and advised users to ignore any information shared during the breach.

X account breaches

This attack on DB’s account aligns with a pattern of recent breaches targeting high-profile crypto-related accounts on X.

DB pointed out that its compromised account had no linked third-party apps, no API key leaks, and was protected by YubiKey two-factor authentication.

This led the platform to suspect an internal vulnerability or a compromised X employee as the likely source of the breach.

According to DB:

“[We are] assuming a compromised X employee or similar, all keys and sessions have been reset regardless.”

Considering this, web3 security platform Harpie noted similarities to previous attacks on Dogwifcoin, Solana-based Jupiter Exchange, and memecoin launchpad Pump.fun.

Blockchain investigator ZachXBT suggested these hacks might stem from social engineering tactics aimed at X employees. He speculated that attackers might be manipulating the social media site staff with fraudulent documents or exploiting weaknesses in the platform’s internal controls.

Meanwhile, the increasing frequency of these attacks raises concerns about the security of crypto-related accounts on X.

Over the years, hackers have continued to exploit high-profile platforms to spread false information and deploy phishing schemes that have resulted in significant losses for crypto users.

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