The X account of Eric Semler, chairman of Semler Scientific, has reportedly been hacked, leading to several posts promoting a new Solana-based token that shares the trading symbol with the company listed on Nasdaq. The account advertised that the token aims to provide “institutional-grade Bitcoin exposure to a high-performance ecosystem with deep liquidity and low fees” by launching on Solana.

Other posts indicated that a significant portion of the token’s supply has been sent to major cryptocurrency exchanges.

A newly minted token, trading on the Solana decentralized exchange Raydium under the ticker symbol SMLR, saw an initial surge of 300% after its launch but has since experienced a sharp decline.

The token is now reported to be down 77% from its highest value, according to DEXScreener data.

CoinDesk has reached out to Semler Scientific for further statements.