According to blockchain researcher ZachXBT, a hacker has reportedly stolen around US$500,000 in the past month by launching #memecoins phishing scams on 15 compromised X social media accounts.

The hacker impersonated the X team and sent out fake copyright infringement notices to create a sense of urgency and trick users of the social media platform into visiting phishing sites.

Many of these X accounts have large audiences, with over 200,000 followers who are primarily memecoin enthusiasts looking to catch the next hot tidbit.