Imagine opening X and seeing the official SpaceX and Starlink accounts suddenly promoting a memecoin named $SCATMAN. That was what unfolded when hackers breached both heavyweight accounts belonging to Elon Musk’s companies - and within minutes, thousands of followers became easy targets.
The playbook was swift, cold, and predictable: trigger FOMO, then vanish before victims even realize what happened.
10 Trillion Tokens Minted and Instantly Dumped
Once in control of the accounts, the hacker immediately minted 10 trillion $SCATMAN tokens before ruthlessly selling them off. One wallet dumped the stash for 59 ETH, or roughly $108,000. Another wallet suspected of being controlled by the same hacker offloaded 59.28 million $SCATMAN for 14.7 ETH, worth around $27,000.
Across both wallets, the exploiter secured approximately $135,000 before disappearing. The incident came to light through on-chain analysis by prominent whale and hacker tracking account @lookonchain on X, which traced the transaction flow once the token exhibited suspicious activity.
A Recurring ‘Rug Pull’ Pattern
What the hacker executed was a textbook ‘rug pull’: a token is promoted through compromised high-profile accounts to lure in FOMO-driven buyers, then immediately dumped once buy volume pours in. The reputation of the targeted accounts was co-opted solely to create an illusion of legitimacy and prestige.
The $SCATMAN incident adds to an expanding list of major social media account hijackings used to pump scam tokens amid active crypto Twitter discussions lately. The takeaway is simple and stark: a token link, even when coming from verified accounts of corporate giants, can never be blindly trusted. In this space, a blue checkmark is no guarantee - and quick reflexes often make the difference between falling for a trap and staying safe.
Reported by @lookonchain on X.
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
