Fake Memecoin Scheme Uncovered, $500K Stolen via Hacked X Accounts

A hacker has been using a deceptive strategy to gain control of high-profile accounts on X, the social media platform, and is using them to push a fake memecoin.

ZachXBT, a blockchain investigator, uncovered the scheme after tracking a series of phishing attacks targeting key accounts.

The attacker initiated the attack by sending fraudulent emails that appeared to come from the X team, falsely notifying the users of policy violations.

These emails were crafted to generate urgency, pushing recipients to click on a malicious link that led them to a phishing site designed to steal login credentials. Through this method, the hacker managed to hijack 15+ accounts, including well-known names like Kick, Cursor, and Alex Blania, and stole roughly $500,000 in the process.

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Once the accounts were compromised, the attacker locked the users out, altered security settings, and gained control of the posts. Using these accounts, they shared links promoting a scam token to unsuspecting followers. In an effort to cover their tracks, the hacker also moved funds across Solana and Ethereum blockchains, making it harder to trace the stolen money.

ZachXBT urges users to adopt stronger security practices, such as limiting email reuse between platforms and enabling 2FA with hardware security keys on important accounts to prevent future attacks.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.