The X (formerly known as Twitter) account of popular Indian cryptocurrency exchange CoinSwitch was hacked on Wednesday morning to promote a scam native token $SWITCH on Solana blockchain. The exchange CEO Ashish Singhal has assured users that the platform remains secure and their funds are safe.
On Wednesday morning, X users were surprised to discover a post by CoinSwitch official handle announcing launch of their native token $SWITCH. The token was made on Solana blockchain based Pump.Fun by unknown hackers who also announced trading to start from 8 am UTC in their X post.
More than an hour after the X account of CoinSwitch was hacked, its CEO Ashish Singhal confirmed about the breach and assured users that their funds are safe. The CoinSwitch team also gained access to their X account and deleted the tweet claiming native token launch.
In his post, Singhal warned users to ignore any messages from the hacked account, especially rumors regarding a so-called “native token” from CoinSwitch. “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,” he wrote.
The team at CoinSwitch is already in touch with X to recover the account. The company added that all other operations and systems were not affected. “CoinSwitch continues to work as usual,” Singhal said.
CoinSwitch is among the most acclaimed cryptocurrency platforms in India for buying and selling as well as tracking digital assets. In the wake of the security breach that has been disturbing, crypto concerns have been raised and the company has reassured users that their data and funds are safe.
Moreover, upon further investigation, it was found that there are in total 184 holders of the scam memecoin $SWITCH with its market cap at just $4659 and it is currently priced at $0.00000466. According to the creators of $SWITCH scam memecoin, it has been designed “to reward top traders on our platform, making trading more exciting and rewarding.”
Additionally, five memecoins by the name of $SWITCH have been created ever since news broke of CoinSwitch X account getting hacked. Its CEO Ashish Singhal has categorically denied any official connection to any of the memecoins and users are urged to not trust unverified claims on social media.
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