A recent incident saw a hacker take over the SpaceXAI and Starlink accounts on X, leading to a significant scam involving a token named SCATMAN. After seizing control, the hacker managed to pull off a heist that resulted in around $125,000 in Ethereum (ETH).

According to the on-chain tracker Lookonchain, this breach follows a troubling trend of high-profile social media account takeovers aimed at promoting fraudulent tokens. In this case, the attacker allegedly compromised the SpaceXAI and Starlink accounts to push the SCATMAN meme coin, leading to a wave of reposts that caught the attention of unsuspecting investors.

Lookonchain reported that the hacker minted a staggering 10 trillion SCATMAN tokens and quickly sold the entire batch for 59 ETH, equivalent to approximately $108,000. Additionally, the analytics platform found that a second wallet linked to the hacker sold another 59.28 million SCATMAN tokens for 14.7 ETH, totaling about $27,000.

This brings the grand total from the two wallets to nearly $125,000 in ETH. Lookonchain has identified the following addresses associated with the hacker:

  • 0xfee50d4ce48f2d05f520ce04c875647e4870a8ba
  • 0xdd9f6d3e16ebda7f35cb694ceadb50af3eebba89

As of the latest updates, the reposts promoting SCATMAN have been removed from the SpaceXAI and Starlink accounts, and BeInCrypto has reached out to SpaceX for a comment, with updates to follow if a response is received.

The rise of hijacked social media accounts has become a concerning method for executing rug pulls. Scammers often leverage the credibility of established brands to mislead investors. A notable example includes a recent incident where hackers gained access to Pump.fun’s X account to promote a fake PUMP token, netting over $135,000 in just one minute.

The tactic has not spared even political figures, with former Malaysian Prime Minister Mahathir Mohamad’s account being compromised to promote a fraudulent token that stole $1.7 million. Other notable breaches have affected leaders in Myanmar and financial organizations, illustrating how victims range from individual investors to prominent political figures.

The pattern is disturbingly consistent: a breach occurs, a token is launched rapidly, and then it is sold off before anyone can react or regain control.

This material is informational and not financial advice.