- The DBnews X account hack led to fake $TRUMP news, causing a trader to lose 26,820 USDC in 2 minutes.
- $TRUMP surged 20% briefly but dropped after the hack was confirmed; now trading at $10.82 (+5.08%).
DBnews, a prominent crypto news outlet, X account hack gave a costly lesson to a crypto trader. According to on-chain analytical platform Lookonchain, DBnews was hacked and shared a post claiming the $TRUMP memecoin to have real utility.
After watching the post, a trader quickly created a new wallet and withdrew 504,820 USDC from Binance to buy $TRUMP memecoin. Once the news was confirmed to be fake, he sold $TRUMP and lost approximately 26,820 USDC in just 2 minutes.
Lookonchain warned about the fake news and advised users to always verify the news accuracy before taking any action. On this DB news said,
” Obviously hacked. Do not trust any messages for now. Unclear what happened. 2FA/Yubikey etc all enabled. Will post details when I get them.”
They added,
“No connected apps, Nothing in access history/sessions, No delegated accounts, Not API key leak (no API post quota used), Physical Yubikey 2FA enabled, Did not take the Bloomberg interview. Assuming a compromised X employee or similar, all keys and sessions have been reset regardless.”
The fake news gave a boost to the TRUMP price, which surged approximately 20%. The memecoin jumped from $10.4 to $12.4 in just a few minutes. However, the surge was short-lived and faded after the official news came out that the account had been compromised.
According to CoinMarketCap data, at the time of writing, the OFFICIAL TRUMP token price is trading at $10.82 with an intraday surge of 5.08%. The daily trading volume has surged by 54%, and the volume-to-market ratio is 47.46%, suggesting good liquidity. Moreover, the market cap is $2.16 billion, and the 24-hour trading volume is $1.04 billion.
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