A hacker exploited compromised X accounts belonging to SpaceX and Starlink to promote a newly minted memecoin, SCATMAN, earning approximately $135,000 before the accounts were secured. The breach, which unfolded earlier today, involved the attacker minting 10 trillion SCATMAN tokens and then using the high-profile accounts to generate fake hype.
On-chain data from Lookonchain revealed that the hacker sold the entire 10 trillion token supply for 59 ETH, worth around $108,000 at the time. A separate wallet linked to the attacker dumped an additional 59.28 million SCATMAN tokens for 14.7 ETH (roughly $27,000). The total realized profit from this coordinated pump and dump scheme stands at roughly $135,000.
Following the massive sell-off, the SCATMAN token collapsed in value, becoming effectively worthless. The incident underscores persistent vulnerabilities in social media security and the speed at which fraudsters can exploit large followings for financial gain. While the monetary loss is relatively small compared to the broader crypto market, the reputational damage to the compromised brands is notable.
