Eric Semler’s X Account Hacked, Triggering Solana-Based Token Surge and Collapse
Eric Semler, chairman of Semler Scientific, had his X account hacked, with posts promoting a new Solana-based token under the symbol SMLR. The promoted token purportedly aimed to offer institutional-grade Bitcoin exposure on Solana. Initially, the token experienced a 300% price surge but subsequently plummeted by 77% from its peak, as reported by DEXScreener. The token was traded on Solana’s decentralized exchange, Raydium. This incident highlights the potential for rapid price volatility and risks associated with new token launches and social media hacks. CoinDesk is seeking comments from Semler Scientific.
Bearish
The hacking of Eric Semler’s account and the manipulation of promoting unvetted tokens could lead to increased investor skepticism and market volatility. Such incidents erode trust and might lead to stricter regulatory scrutiny, affecting market confidence negatively in the short term. Historically, similar events have led to brief surges followed by drastic drops, as seen here with the SMLR token plummet. In the long term, the market might adjust to reduce vulnerability to these incidents, but immediate reactions tend to be negative.