CounSwitch joined a growing list of prominent X accounts that have been compromised to promote fraudulent crypto tokens.
In most instances, proper research before investing could help crypto enthusiasts not lose money.
Indian cryptocurrency exchange CoinSwitch has fallen victim to a security breach impacting its X, formerly Twitter, account. The cryptocurrency exchange fell victim to its rising popularity in India, whereby the attacker promoted a Solana-based coin in the name of CoinSwitch (SWITCH).
The token developer quickly rugged the early buyers of the SWITCH token leading to a Freefall of the underlying value. Furthermore, Ashish Singhal, the CEO of CoinSwitch informed the community about the attack earlier on Wednesday before further damages.
“The rumor of a native token from CoinSwitch is false and we urge followers and users to disregard any messages from the compromised account until further updates,” Singhal .
Meanwhile, Singhal assured the CoinSwitch customers that their funds were safe and the latest hack on their X account did not impact the trading platform. As a result, Singhal urged the community to refrain from interacting with the CoinSwitch X account until the team regained control.
CoinSwitch Joins a List of Growing Crypto Scams via X Accounts
In the recent past, the rising popularity of X as a source of crypto news has been a double-edged sword. On one hand, information gets to travel faster from the source. However, black hat hackers have identified a loophole to manipulate and siphon investors’ funds via crypto assets.
The of notable figures or companies have in the recent past been hacked to promote mostly meme coins. For instance, the X account for the NASDAQ exchange was hacked in mid-January 2025 to promote a fraudulent memecoin dubbed ‘STONKS’.
Nick Robinson, BBC Journalist, was a victim earlier this year, whereby the X account was taken over to market a crypto asset dubbed ‘Today’. In September 2024, OpenAI’s press account on X account was hacked to promote a fraudulent token dubbed $OPENAI, thus causing market confusion.
Celebrities’ X accounts have not been spared, including Drake and Wiz Khalifa. Government and business accounts have also fallen victim to the X hacks to promote a fraudulent memecoin. For instance, after the President of the Central African Republic Faustin Archange Touadéra the launch of $CAR meme coin, an X account associated with the President of Congo promoted several Solana-based meme coins, leading to funds losses.
Protective Measures
The cryptocurrency adoption process has faced immense headwinds due to hacks caused by poor security designs. As a result, it is up to the crypto investors to double-check the authenticity of the X account promoting any token. Most importantly, crypto investors on the X platform should be wary of fraudulent accounts with slight changes in profiles.
In order to verify, it is prudent to visit the official website to use the verified social media accounts.