Jupiter DEX X Account Hacked to Promote Scam Memecoins: Traders Lose Over $20 Million

The official X account of Jupiter, a leading Solana-based decentralized exchange aggregator, was hacked on February 6, 2025. The attackers used the platform’s account to promote fraudulent memecoins, causing panic among investors and significant financial losses.

• Solana-based Jupiter DEX suffered a major security breach on February 6, 2025, with its X (formerly Twitter) account hacked.

• The hackers promoted fake memecoins $MEOW and $DCOIN, leading to significant losses for traders.

• $MEOW surged past $20 million in market value before the liquidity was drained, leaving investors unable to sell.

• JUP token price dropped 12%, with trading volumes on JUP/BTC and JUP/ETH spiking by 300%.

• Jupiter team regained control of the account and confirmed that no funds or customer data were compromised.

Jupiter Mobile quickly issued a warning, advising users to avoid clicking any links or engaging with the scam posts. However, before the posts were removed, many traders had already invested in the fake tokens, leading to millions in losses.

Source: X

The hacked Jupiter X account promoted a scam token called $MEOW, a name that seemingly played on Jupiter co-founder Meow’s nickname. The token’s market value skyrocketed to over $20 million within minutes, only for the liquidity pool to be drained, leaving investors unable to cash out.

Shortly after, the hackers introduced another fake token, $DCOIN, further exploiting unsuspecting traders. Crypto investor Beanie speculated that traders lost millions instantly, as the scam unfolded within minutes.

Security Concerns Rise in the Crypto Community

This is not the first time Jupiter has faced security issues. Last year, its JUP airdrop suffered a security breach, where an attacker exploited over 9,000 wallets to illegally accumulate 1.85 million JUP tokens, worth approximately $1 million.

The recent hack raises serious concerns over security measures for major crypto platforms. Critics, including prominent investors, have questioned how a DEX handling billions in liquidity failed to secure its social media accounts.

Read more: Top 10 Crypto Scams to Avoid in the Bull Run 2025

JUP/USDT price chart | Source: KuCoin

The breach led to an immediate 12% decline in Jupiter’s native token (JUP), dropping from $0.85 to $0.75 within minutes. The hack also triggered:

• A 300% spike in JUP trading volume across BTC and ETH pairs.

• A 40% increase in active transactions.

• A 25% rise in transactions over $100,000, as large investors seized the opportunity to buy the dip.

By the time of writing, JUP recovered to over $0.88, with its relative strength index (RSI) hitting 30, indicating oversold conditions and a potential rebound.

Source: X

Jupiter co-founder Meow confirmed that the attack originated from a U.S.-based IP address. At the time of the attack, a key team member, Mei, was traveling from Mountain DAO to Singapore, limiting the response time.

Jupiter later reassured users that the hacked X account was restored and that all funds and customer data remained secure. The exchange emphasized that its smart contracts were protected by 4/7 multisig security, preventing further damage beyond the social media breach.

This attack serves as a stark reminder for traders to exercise caution when interacting with social media promotions. Crypto users are urged to:

• Verify all official announcements through multiple sources before taking action.

• Avoid engaging with unknown links and token promotions on social media.

• Enable additional security measures for their own accounts, including two-factor authentication (2FA).

As security threats in the crypto market continue to evolve, traders and platforms alike must remain vigilant against malicious actors seeking to exploit market enthusiasm for fraudulent schemes.

Read more: What Is a Crypto Rug Pull, and How to Avoid the Scam?