Crypto Influencer GCR’s Account Hacked by Memecoin Team, ZachXBT Reports

by | May 28, 2024 | Cryptocurrency, News | 0 comments

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Pseudonymous investigator ZachXBT unveiled that the Sol team, creators of the Solana-based memecoin CAT, were behind the hacking of crypto influencer Gigantic-Cassocked-Rebirth (GCR) on May 26. The hack was intended to manipulate the prices of specific cryptocurrencies.

The investigation showed that on May 24, the Sol team engineered the launch of their own coin to control over 63% of the CAT supply. They then liquidated more than $5 million worth of CAT, spreading the proceeds across various wallets.

The proceeds from this sale were transferred to the trading platform Hyperliquid. Shortly before the hacking incident, the culprits opened substantial long positions—$2.3 million in ORDI (ORDI) and $1 million in Ether.fi (ETHFI), betting on the price increase of these assets.

Leveraging the hacked GCR account, the attackers tweeted about ORDI which briefly boosted its price, netting them around $34,000. A similar attempt with ETHFI did not yield the expected market reaction, leading to a loss of $3,500, prompting them to close the position.

ZachXBT criticized the attackers for their inept tactics and called them “scammers with low IQ.” He warned against giving platforms to meme coin promoters, noting that innocent investors were misled by the allure of high-profile usernames and misleading social media posts.

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