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Crypto Community Blasts Jupiter Over Security Lapse in Meow Token Rug Pull

Investors criticized Jupiter’s security after its hacked X account promoted a scam token, leading to millions in losses.
By: Jona Jaupi • February 06, 2025
Crypto Community Blasts Jupiter Over Security Lapse in Meow Token Rug Pull

The crypto community is fuming with Solana-based decentralized exchange (DEX) Jupiter after hackers broke into its X account to promote a scam token.

The token, a memecoin called Meow after Jupiter’s cat mascot, briefly surged to a $30 million market capitalization before its developers cashed out, crashing its value and leaving investors with nothing.

Jupiter has since regained control of its X account, assuring users that no customer or treasury funds were affected, as all assets are secured in multisig wallets. The platform also confirmed that the breach was limited to X and did not compromise other communication channels.

Security Concerns

Still, the hack sparked outrage within the community, with many questioning the platform’s security protocols. Investors quickly called for stronger safeguards to prevent such incidents in the future, arguing that platforms with Jupiter’s prominence should be doing more to protect their users.

Beanie, founder of GM Capital and known on X as @beaniemaxi, pointed out that traders lost millions within minutes due to the Jupiter account hack.

“It’s amazing how we trust these protocols with billions of dollars in liquidity but they’re not competent enough to protect their social media,” he wrote. “Quite the paradox we see too often here.”

Other investors pointed out that the scam was quickly revealed by anti-rug artificial intelligence (AI) agents and asked Jupiter to integrate similar technology into its platform.

However, some community members acknowledged Jupiter's quick response to the hack, commending the team for regaining control swiftly.

X user Day Li (@DayliCryptomeme) noted that the incident ultimately benefited Jupiter, highlighting the team’s fast and effective communication across their products.

Ongoing investigation

After regaining control of its X account, Jupiter reiterated its security measures and is currently investigating how the breach occurred despite stringent protections. The team noted in an X post that multiple safeguards were in place, including strict access controls, two-factor authentication, enterprise-level password management, and real-time monitoring.

Since the incident occurred, Jupiter’s native token JUP has dropped 8% in the past 24 hours to $0.83, according to CoinGecko.

The Defiant has reached out to Jupiter for comment, but has not yet heard back at the time of publishing.

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