Editors Note: This story has been updated to include a response from a Rocket Lab USA spokesperson.
The social media account of Peter Beck, CEO of Rocket Lab USA Inc. RKLB, was hacked, leading to a fraudulent post about a new crypto-based token.
What Happened: On Wednesday, the unauthorized post from Beck’s X, formerly Twitter account, promoted a new Ethereum ETH/USD-based token to fund space-related projects, reported Reuters.
At the time of writing, the above post from Back’s account was removed.
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A major player in the small satellite launch market valued at $6.5 billion, Rocket Lab was working with the platform to regain control of the account.
“Peter’s account has been compromised, so this is not an official tweet. We are working with X to restore it,” a company spokesperson confirmed in an email to Reuters.
Rocket Lab responded to Benzinga’s email updating about the account’s restoration. The company’s CEO also took to X, to share this information.
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Why It Matters: On Tuesday, Rocket Lab announced the successful launch of its 54th Electron mission, deploying a single satellite to Low Earth Orbit for a confidential commercial customer.
Last month, Rocket Lab’s shares saw a boost following the Joe Biden administration’s plans to ease export restrictions on U.S. commercial space companies.
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