On July 13, hackers compromised the verified X accounts of SpaceXAI and Starlink to promote the SCATMAN memecoin, with one post reaching over 72,000 views. The attacker had pre-minted 10 trillion SCATMAN tokens and dumped them for 73.7 ETH (approximately $135,000) after the campaign drove the token’s market cap to nearly $2 million. The token lost 98% of its value as liquidity evaporated, leaving only $3,900 in the pool. The incident underscores how compromised high-profile accounts can convert online trust into exit liquidity for crypto scams.
Hackers compromised the verified X accounts of SpaceXAI and Starlink on July 13 to fraudulently promote the SCATMAN memecoin, according to on-chain data. One tweet generated over 72,000 views within minutes, lending the token an appearance of legitimacy.
The attacker had already minted 10 trillion SCATMAN before the campaign began. The wallets then dumped holdings for 73.7 ETH, worth roughly $135,000, as stated by on-chain analytics.
That borrowed credibility immediately spilled into the market, where speculative demand surged. The token’s market capitalization briefly approached $2 million before liquidity disappeared.
Trading activity intensified as volume climbed to $5.7 million across nearly 44,925 transactions. The initial liquidity available to absorb buying pressure further fueled the rally.
When the attacker sold his shares back into that demand, the price plummeted by over 98%. In less than 24 hours, only $3,900 was left in liquidity.
Buyers slightly outnumbered sellers for most of the short-lived bubble. However, when concentrated exit decisions reached the market, it became apparent that liquidity could not sustain those levels of buy and sell orders.
