Memecoin Team Linked to Crypto Influencer GCR Account Hack, According to ZachXBT

Memecoin Team Linked to Crypto Influencer GCR Account Hack, According to ZachXBT

Fake researcher ZachXBT conducted an analysis that revealed the involvement of the Sol team, creators of the Solana-based memecoin known as CAT, in the compromise of the account of crypto influencer Gigantic-Cassocked-Rebirth (GCR) on May 26. The hack was to manipulate the prices of certain coins.

According to the investigation, the Sol team manipulated the launch of their own cryptocurrency on May 24, allowing them to gain control of more than 63% of the CAT supply. They then sold more than $5 million worth of CAT memecoin and distributed the profits across multiple wallets.

The funds from the sale were then deposited into the Hyperliquid trading platform. Just minutes before the attack, the attackers opened long positions worth $2.3 million on ORDI (ORDI) and $1 million on Ether.fi (ETHFI). A long position in trading is a bet that the price of an asset will increase in the future.

The attacker’s posting about ORDI using the compromised GCR account caused a temporary increase in the token price, resulting in a profit of approximately $34,000. The second post targeted the ETHFI token but this time the market did not react as expected. The hacker closed the position after suffering a loss of $3,500.

ZachXBT criticized the attackers for their bad practices, calling them “low IQ scammers.” He called on people to stop giving a platform to meme coin promoters and highlighted the fact that individuals are being exploited just because they bought an expensive username and came across mysterious posts.