The X account of the co-founder of the President Donald Trump-backed World Liberty Financial was hacked Wednesday to promote a fake meme coin associated with Barron Trump, Trump’s youngest son.
What Happened: World Liberty Financial confirmed that Zach Witkoff’s account was breached to shill the fraudulent cryptocurrency and warned users not to engage.
In a subsequent X post, Witkoff also revealed that his account was compromised but had been restored thanks to the work of X and the team. The hacked post stands deleted as of this writing.
The coin ran up to billions in valuation before crashing by 97%, according to data from Dexscreener.
See Also: Man Whose $775 Million Bitcoin Fortune Lies Buried In A Landfill Now Wants To Buy The Trash Heap
Why It Matters: This incident is not the first time a member of the Trump family has been falsely associated with a cryptocurrency.
Last month, Ivanka Trump publicly disassociated herself from a memecoin project promoted under her name. She issued a stern warning to consumers about the risk of falling victim to such scams.
The hacking incidents follow the official coin launches by the President and First Lady Melania Trump last month, which engulfed the cryptocurrency industry in an unprecedented frenzy.
Official Trump TRUMP/USD has plunged 79% since its peak last month, while the Official Melania Meme MELANIA/USD was down 83% from its pinnacle.
Image via Shutterstock
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