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ETH The X accounts of SpaceXAI and Starlink were hijacked to promote SCATMAN tokens and cashed in US$125,000
The X accounts of Elon Musk's SpaceXAI and Starlink were hijacked by hackers to promote a newly released memecoin. Subsequently, wallets associated with the attacker sold approximately $125,000 worth of tokens.
The two wallets minted 10 trillion SCATMAN tokens and sold them all at the price of 59 Ethereum (ETH). Another wallet controlled by the same attacker sold another 59.28 million tokens for 14.7 ETH.
These two transactions made a total profit of 73.7 ETH. Token sales began after two compromised corporate accounts posted promotional posts, and SCATMAN quickly gained the attention of a large number of users.
The token is not publicly associated with SpaceXAI, Starlink or Elon Musk. Once unauthorized posts are discovered, the relevant endorsements will be revoked.
Hijacked accounts boost token liquidity
SCATMAN's operation follows a common account hijacking routine: first issue or hoard a low-liquidity token, then promote it through trusted accounts, and finally sell it for a profit in the demand triggered by posts.
Coining 10 trillion coins gave attackers control of most of the supply in the first sale. Another 59.28 million token positions brought in another 14.7 ETH gains as buyers entered the market.
SpaceXAI is a new identity adopted by Musk's artificial intelligence department after the original XAI account was renamed in early July. Starlink runs SpaceX's satellite Internet business.
Neither account disclosed how the hackers obtained access. On-chain records traced the wallets used to minte and sell tokens, but failed to identify the attacker.
Account hijackings are frequent and memes are constantly being dumped
The release of SCATMAN is another incident of promoting tokens through hijacked social media accounts.
Previously, a hacker used the WeChat account of Binance Co-CEO He Yi to promote MUBARAK tokens and completed the shipment of $55,000 in memein. Attackers bought tokens before the post was posted and then sold when demand rose.
Cryptocurrency trader James Wynn later denied participating in a rugpull scam called $WORLD, a memin, after his X account was hacked and promotional posts were posted. Deployers withdrew about $70,000 in liquidity before the token value collapsed.
SCATMAN-related wallets received 59 ETH and 14.7 ETH respectively from two tracked sales, and there were no remaining positions to be traced among the 10 trillion coins originally minted.
