Hackers took over prominent SpaceX and Starlink accounts on X to carry out a scam by promoting memecoin, on-chain data shows.
According to on-chain analytics platform Lookonchain, the hackers user Elon Musk’s two companies took to social media to drum up interest in a memecoin they called SCATMAN and then pulled out investors.
The compromised accounts posted promotional content for the scam code, attracting victims. The hackers stole the money before removing the posts. SpaceX’s X account has 2 million followers while Starlink X’s account has 1.6 million followers.
While promoting the token, hackers minted 10 trillion SCATMAN coins. When buyers got hold of the digital assets, hackers dumped the memecoin and took nearly $108,000 worth of Ethereum (Ethereum), common rug pulling diagram.
Lookonchain also noted that another wallet was involved in the scam. The hacker used the wallet to sell 59.28 million SCATMAN for $27,000 in ETH.
On-chain data shows the rapid movement of ETH shortly after the promotions appeared. Security researchers monitoring the activity noted the attack’s rapid execution, highlighting vulnerabilities in high-profile social media accounts linked to major tech brands. The incident highlights the dangers of social engineering and account takeover in the cryptocurrency space.
Ethereum is trading at $1,763 at the time of writing, down 3% over the past 24 hours.
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