Hackers seized control of the prominent SpaceX and Starlink accounts on X to pull off a scam by promoting a memecoin, on-chain data shows.
According to the on-chain analytics platform Lookonchain, the hackers used the two companies of Elon Musk’s social media feeds to drum up interest for a memecoin they called SCATMAN and then rug pulled the investors.
The compromised accounts posted promotional content for the scam token, drawing in victims. The hackers made off with the funds before the posts were taken down. SpaceX’s X account has 2 million followers while the Starlink X account has 1.6 million followers.
As they promoted the token, the hackers minted 10 trillion SCATMAN. When buyers scooped up the digital asset the hackers unloaded the memecoin and pocketed approximately $108,000 worth of Ethereum (ETH), a common rug pull scheme.
Lookonchain also noticed another wallet was involved in the scam. The hacker used the wallet to sell 59.28 million SCATMAN for $27,000 worth of ETH.
The on-chain data shows the rapid movement of ETH shortly after the promotions appeared. Security researchers monitoring the activity noted the swift execution of the attack, highlighting vulnerabilities in high-profile social media accounts tied to major tech brands. The incident underscores the risks of social engineering and account takeovers in the cryptocurrency space.
Ethereum is trading for $1,763 at time of writing, down 3% in the past 24 hours.
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