The Instagram account belonging to Pudgy Penguins CEO Luca Netz has reportedly been hijacked and is being used to shill a Pump Fun-based token called $IGLOO. The hack was flagged on X by self-described NFT maxi “JBond” just before 09:00 GMT on Wednesday and was confirmed by Pudgy Penguins’ Ecosystem Growth Associate “Becca” moments later. “PSA,” wrote JBond, “@LucaNetz Instagram account might be hacked.” They continued, “He posted about a new token $IGLOO representing @IglooInc treasury with an obnoxious CA address made via @pumpdotfun. If anything, this is not how @pudgypenguins team moves.” “I’d advice [sic] you to be careful until we hear from the team.” The original Instagram Story appears to have been removed, however another short video linking to a different address is still online. Despite the suspicious nature of the post (“if luca launches a token it won’t be from a Pump Fun link bro,” wrote one X user) at time of writing it had reached a market cap of nearly $16,000 and an a 24-hour volume of nearly $72,000. The $IGLOO token had reached a market cap of nearly $16,000 at time of writing. Read more: Pudgy Penguins PENGU token crashes at launch alongside NFTs Taking control of Instagram accounts to shill dodgy tokens is a tried and tested method for hackers. Indeed, back in January, hackers took control of the official UFC Instagram account and attempted to sell a fraudulent memecoin. The post read, “UFC fans have been waiting, and the moment is here. Get ready to own the legacy. Precision. Strength. All in one coin. #UFC #UnleashTheFight.” The fraudulent crypto was also promoted on the UFC’s Instagram story.