CoinSwitch Restores Hacked X Account and Denies Native Token Launch

  thenewscrypto.com 12 February 2025 21:14, UTC

• Hackers compromised CoinSwitch’s official X (Twitter) account to promote a fake scam token, SWITCH, as its native token
• The CoinSwitch team regained control of the account and deleted the fraudulent post after an hour.

In a concerning cybersecurity breach, the official X (formerly Twitter) account of CoinSwitch, one of India’s leading crypto exchanges, was hacked on Wednesday during Asia’s noon hours. The attackers used the compromised account to promote a fraudulent Solana-based token, SWITCH, falsely claiming it as CoinSwitch’s native token set for trading launch at 8 AM UTC.

Our X (formerly Twitter) account (@CoinSwitch) has been compromised and we are working with X to regain access.

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.…

— Ashish Singhal (@ashish343) February 12, 2025

CoinSwitch CEO Ashish Singhal confirmed the breach over an hour after the hack, reassuring users that their funds remained secure. Then the exchange’s team swiftly regained access to their X account and deleted the misleading post. Singhal urged the community to disregard any claims about SWITCH, emphasizing that CoinSwitch has no affiliation with such a token.

Further investigation revealed that the scam token was created on Pump.fun, a platform notorious for launching memecoins with questionable legitimacy. At the time of writing, SWITCH had a market capitalization of just $4,075 and was priced at a mere $0.000004168. The creators misleadingly described the token as a reward system for top traders, adding to the deception.

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