ZachXBT Investigation Links Memecoin Team to Hack of Crypto Influencer’s Account
A new investigation led by ZachXBT on on May 27 implicated the creators of a new memecoin in hacking a crypto influencer’s account, exposing a complex scheme to manipulate cryptocurrency prices.
The probe, conducted by the pseudonymous blockchain investigator ZachXBT, uncovered that the team behind CAT, a Solana-based memecoin, hacked the Twitter account of crypto influencer Gigantic-Cassocked-Rebirth (GCR) on May 26. Their goal was to influence the prices of certain cryptocurrencies through deceptive means.
On Late Sunday, popular crypto influencer Gigantic-Cassocked-Rebirth (GCR) was hacked on his X (formerly Twitter) account.
1/ An investigation into how the @sol ($CAT) meme coin team is connected to the @GCRClassic hack from last night.
Minutes before the hack an address tied to them opened $2.3M ORDI & $1M ETHFI longs on Hyperliquid.
Let’s dive in. pic.twitter.com/009BdPBfM1
— ZachXBT (@zachxbt) May 27, 2024
The hacker used GCR’s account to promote ORDI and Luna 2.0 tokens, resulting in brief price hikes. GCR later confirmed the breach, urging his followers to disregard any promotional content from his channels.
ZachXBT’s investigation revealed that the team behind CAT memecoin orchestrated the hack, however. ZachXBT noted that the scheme started with their coin launch on May 24, in which the team gained control of more than 63% of the CAT supply. Subsequently, they sold over $5 million worth of CAT, distributing the profits across multiple wallets. Further analysis showed that some funds were funneled into Hyperliquid for trading.
6/ On May 26 at 5:55 pm UTC a hacker from @GCRClassic compromised account made a post about ORDI causing the price to spike.
0x5e3 closes the long from 5:56 pm UTC to 6 pm UTC for a
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