The investigation linked the group behind the not too long ago launched memecoin to the current hack of a crypto influencer’s account.
Evaluation carried out beneath the pseudonym ZachXBT revealed that the Sol group — creators of the Solana-based CAT memcoin — compromised the X account of crypto influencer Gigantic-Cassocked-Rebirth (GCR) on Could 26 with the intention of manipulating the worth of sure cash. .
The group reportedly manipulated their very own coin launch on Could 24 to realize management of over 63% of the CAT provide. Greater than $5 million price of CAT memcoin was then bought and the proceeds cut up between a number of wallets.
Later, a number of the funds had been deposited into Hyperliquid for buying and selling. Minutes earlier than the hack, miners opened lengthy positions of $2.3 million in ORDI (ORDI) and $1 million in Ether.fi (ETHFI). In buying and selling, a protracted place is a guess that the worth of an asset will improve sooner or later.
The attacker then used the hacked GCR account to put up about ORDI, quickly driving up the token’s worth and netting round $34,000. The second put up was made centered on the ETHFI token. Nevertheless, this time the market didn’t react as anticipated. Having misplaced $3,500, the hacker closed the place.
“The scammers have a low IQ, which reveals within the horrible execution,” ZachXBT stated of the assault’s consequence. ZachXBT continued:
“Individuals let scammers rip-off them for 7 figs solely earlier than they’ve purchased an costly username and made cryptic messages. Cease giving a platform to meme coin subscribers.”
It’s not but clear if this group is behind different related assaults concentrating on crypto influencers within the earlier days.
In accordance with ZachXBT’s evaluation, a SIM swapping assault prompted the account of an influential consumer to be compromised. This scheme entails the fraudster tricking the cell operator into transferring the sufferer’s cellphone quantity to a brand new SIM card managed by the fraudster.
Attackers have discovered memecoins to be a wealthy vector for assaults. Standard methods to cheat merchants embody selling memecoin to inflate costs after which promoting the tokens on the peak or all of a sudden draining all funds from the liquidity pool.
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