Attackers are increasingly using trusted social media accounts to fraudulently sell tokens to users. This pattern resurfaced on the 13th of July, when hackers compromised verified SpaceXAI and Starlink X accounts to promote the SCATMAN memecoin.
These tweets garnered large amounts of attention, with one post receiving over 72k views in a matter of minutes.
Many people who viewed the tweets believed that the token had an increased level of legitimacy, thus creating additional buying pressure on the token.
Meanwhile, 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. The token briefly approached a $2 million market capitalization before liquidity disappeared, losing 98% of its value.
This incident again showed how compromised high-profile accounts can rapidly transform online trust into exit liquidity for coordinated crypto scams.
