Hackers Hijack SpaceX and Starlink X Accounts to Push SCATMAN Memecoin Scam
Hackers gained control of the prominent SpaceX and Starlink accounts on X to promote a memecoin scam, according to on-chain data from analytics platform Lookonchain. The attackers used Elon Musk’s company accounts to post promotional content for a token called SCATMAN, then conducted a rug pull after drawing in victims. The compromised accounts, with SpaceX having 2 million followers and Starlink 1.6 million, were used to mint 10 trillion SCATMAN tokens. When buyers purchased the digital asset, the hackers sold their holdings, pocketing approximately $108,000 worth of Ethereum (ETH). Lookonchain also identified a second wallet involved, which sold 59.28 million SCATMAN for $27,000 in ETH. The rapid movement of ETH after the promotions was observed by security researchers, highlighting the risks of social engineering and account takeovers in the cryptocurrency space. Ethereum was trading at $1,763 at the time of writing, down 3% in the past 24 hours.