A recent breach of the SpaceXAI and Starlink accounts on social media platform X has led to the promotion of a fraudulent meme coin named SCATMAN, resulting in an estimated $125,000 profit in Ethereum for the hacker involved.

The attacker minted a staggering 10 trillion SCATMAN tokens and successfully sold them shortly after, capitalizing on the compromised accounts' credibility. According to on-chain analytics platform Lookonchain, the hacker executed the scheme with two distinct wallets identified for the illicit transactions.

Subsequent investigations revealed that the attacker offloaded the entire token supply for approximately 59 Ethereum, which was valued at around $108,000. An additional 59.28 million SCATMAN tokens were sold from a second wallet, netting a further 14.7 Ethereum, totaling near $27,000. The combined earnings from both wallets approached the $125,000 mark.

The scam unfolded rapidly, with screenshots appearing on social media showing the compromised accounts sharing content from the SCATMAN account. However, these posts were removed shortly after the scheme was uncovered, and queries to SpaceX regarding the incident went unanswered.

A Recurrent Trend of Hijacked Accounts

This incident is part of a growing trend where hackers hijack popular social media accounts to execute swift rug pulls. The rationale behind targeting accounts with substantial followings is their ability to lend borrowed credibility, leading to hasty purchases before potential investors recognize the tokens as fraudulent.

In past instances, notable accounts have been compromised, such as Pump.fun in February 2025, which managed to generate over $135,000 in less than a minute by promoting a fake token. Similarly, the account of former Malaysian Prime Minister Mahathir Mohamad was exploited in a scheme that resulted in $1.7 million in losses.

The methodology used in these scams remains consistent: a trusted account is compromised, a token is launched, and the hacker sells off their holdings before the legitimate owner can reclaim control. The SpaceXAI and Starlink accounts, given their affiliation with Elon Musk, are particularly appealing targets for cybercriminals.

This material is for informational purposes only and does not constitute financial advice.