Hackers seized management of the distinguished SpaceX and Starlink accounts on X to tug off a rip-off by selling a memecoin, on-chain knowledge exhibits.
In line with the on-chain analytics platform Lookonchain, the hackers used the 2 corporations of Elon Musk’s social media feeds to drum up curiosity for a memecoin they referred to as SCATMAN after which rug pulled the buyers.
The compromised accounts posted promotional content material for the rip-off token, drawing in victims. The hackers made off with the funds earlier than the posts had been taken down. SpaceX’s X account has 2 million followers whereas the Starlink X account has 1.6 million followers.
As they promoted the token, the hackers minted 10 trillion SCATMAN. When patrons scooped up the digital asset the hackers unloaded the memecoin and pocketed roughly $108,000 value of Ethereum (ETH), a standard rug pull scheme.
Lookonchain additionally seen one other pockets was concerned within the rip-off. The hacker used the pockets to promote 59.28 million SCATMAN for $27,000 value of ETH.
The on-chain knowledge exhibits the speedy motion of ETH shortly after the promotions appeared. Safety researchers monitoring the exercise famous the swift execution of the assault, highlighting vulnerabilities in high-profile social media accounts tied to main tech manufacturers. The incident underscores the dangers of social engineering and account takeovers within the cryptocurrency house.
Ethereum is buying and selling for $1,763 at time of writing, down 3% previously 24 hours.
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