Investigation Reveals Memecoin Team’s Role in Crypto Influencer’s Account Hack
A recent probe led by ZachXBT on May 27 exposed the involvement of a new memecoin’s creators in hacking a popular crypto influencer’s account, uncovering a deceptive scheme aimed at manipulating cryptocurrency prices. Here’s what you need to know:
- The investigation conducted by the pseudonymous blockchain investigator ZachXBT shed light on the team behind CAT, a memecoin based on Solana, who hacked the Twitter account of crypto influencer Gigantic-Cassocked-Rebirth (GCR) on May 26.
- The hackers used GCR’s account to promote specific tokens, resulting in temporary price spikes, before GCR confirmed the breach and warned followers to ignore any promotional content from his channels.
The Account Hack and Manipulation Scheme Unveiled
On the fateful day, the memecoin team orchestrated a series of events to influence cryptocurrency prices:
- They initiated their scheme with the launch of the CAT coin on May 24, giving them control of a significant portion of the supply, which they promptly sold off to pocket over $5 million.
- The profits from the sale were then spread across multiple wallets, with a portion finding its way to Hyperliquid for trading purposes.
Crypto Celebrities Targeted in SIM Swapping and Bribery Hacks
Additionally, ZachXBT’s investigation unveiled:
- The involvement of SIM swapping in the breach, where scammers tricked a mobile carrier into transferring the victim’s phone number to a SIM card controlled by the attacker.
- Speculations that individuals at X.com might have been bribed to provide access to accounts, as hinted by GCR’s statement on heightened security measures taken earlier.
Security Concerns Surrounding Celebrities’ Crypto Promotion
Furthermore, the vulnerability of high-profile accounts was evident:
- Caitlyn Jenner’s announcement of the JENNER token’s launch via a post on her account raised doubts, despite efforts to verify its legitimacy through videos.
- Rapper Rich The Kid also faced a similar predicament when his X account was allegedly hacked, leading to the unauthorized promotion of the RICH token.
Hot Take: Stay Alert Against Deceptive Crypto Schemes
As a vigilant crypto investor, it’s imperative to:
- Exercise caution and skepticism while engaging with cryptocurrency promotions on social media platforms.
- Stay informed about potential vulnerabilities like SIM swapping and bribery hacks that could compromise your assets.
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