Memecoin Team Linked to GCR Hack Reveals ZachXBT
Investigations have revealed that the team behind the newly launched memecoin is linked to the recent hacking of cryptocurrency influencer accounts.
According to an analysis conducted by anonymous detective ZachXBT, the Sol team, creators of the Solana-based memecoin CAT, used It appears that your account has been hacked. .
The team reportedly controlled over 63% of the CAT supply by manipulating the launch of its own coin on May 24th. Afterwards, $5 million worth of CAT memecoins were sold, with the proceeds distributed across multiple wallets.
A portion of the funds was deposited with Hyperliquid for later trading. Minutes before the hack occurred, the attackers opened $2.3 million long positions on ORDI (ORDI) and $1 million long positions on Ether.fi (ETHFI). In trading, a long position is a bet that the price of an asset will rise in the future.
The attackers then used the compromised account on GCR to post about ORDI, temporarily causing the token price to skyrocket, resulting in a profit of approximately $34,000. A second post was made targeting the ETHFI token. But again, the market did not react as expected. The hacker closed his position after losing $3,500.
“The fraudster has a low IQ, as evidenced by his gruesome execution,” Zach ZachXBT continues:
“People bought expensive usernames and made mysterious posts, giving scammers seven figs to create farms. Stop providing your platform to meme coin senders.”
It is unclear whether the group is behind other similar attacks targeting cryptocurrency influencers the previous day.
According to ZachXBT’s analysis, the influencer’s account was compromised due to a SIM swap attack. The scheme involves scammers tricking mobile carriers into transferring the victim’s phone number to a new SIM card under their control.
Malicious actors have found memecoins to be a rich vector for attacks. Popular strategies to fool traders include promoting memecoins to inflate the price and then selling the tokens at the peak, or suddenly pulling all funds out of the liquidity pool.
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