News of the hack broke yesterday. We break down how much the attackers made and how they managed to breach Musk’s corporate accounts.
On July 12, 2026, the X accounts of SpaceXAI and Starlink were compromised to promote the SCATMAN meme coin. The attackers used a fake Sam Catman profile with a forged SpaceXAI affiliation badge.
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According to Lookonchain, the hackers made between $125,000 and $135,000. In the first 20 minutes after the posts went live, the token’s price surged 575%, and its market cap briefly topped $800,000–before both crashed.
The posts were later deleted, the Sam Catman account was suspended, and Musk’s security team regained control of the profiles.
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The SCATMAN Scheme: Hackers Made Millions in 20 Minutes
The attackers had pre-minted 10 trillion SCATMAN tokens on the Robinhood Chain. According to DEX Screener, nearly 90% of the token supply was controlled by a single address. After taking over the verified SpaceXAI and Starlink accounts, the hackers began posting and reposting content from the Sam Catman profile, which was positioned as the project’s official channel.
Soon after the token launched, the SpaceXAI and Starlink pages shared a post with the asset’s contract address and ticker. That triggered a surge in trading activity. In the first 20 minutes, SCATMAN’s price rose 575%, and its market cap briefly exceeded $800,000. Capitalizing on the hype, the organizers dumped most of their tokens and pulled liquidity from the pool.
According to Lookonchain, the bulk of the assets were sold for 59 Ethereum (ETH), with another 14.7 tokens moved through a second linked wallet.
The token is thematically tied to Sam Altman and Elon Musk, who continue to feud in the media over the ongoing $150B lawsuit. OpenAI recently won that case.
Read more: The Great Crypto Rotation — Why Capital Is Moving from Memecoins to Utility Tokens
How the Hackers Profited and Why Meme Coins Remain a Risk
This isn’t the first time celebrity accounts have been hijacked to promote meme coins. Similar attacks have previously targeted politicians, musicians, and business figures. Attackers exploit trust in verified profiles to create an illusion of legitimacy, quickly draw in retail investors, and dump liquidity before the price collapses.
Lookonchain analysts noted that the SCATMAN scheme was carefully planned: token creation, account takeover, coordinated posts, and immediate fund withdrawal. The bulk of the assets were sold for 59 ETH▲$1,761.17, with another 14.7 ETH moved through a second linked crypto wallet.
Musk’s security team regained control of the accounts some time after the breach. All SCATMAN-related posts, links, and reposts were removed, and the Sam Catman account was suspended.
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