An in-depth investigation has uncovered an elaborate scheme involving the team behind the CAT memecoin in the recent hack of analyst GCR’s widely followed account in a bold attempt to manipulate cryptocurrency prices to their advantage.
Hacking orchestrated by a malicious Memecoin team
Last Sunday, the X account from Gigantic-Cassocked-Rebirth (GCR) an influential crypto analyst has been hacked. The hacker has published misleading promotional content for ORDI tokens and Luna 2.0 tokens, causing temporary price hikes.
The blockchain investigator ZachXBT carried out a meticulous analysis that revealed disturbing links between this hack and the team behind the new memecoin CAT on Solana.
According to ZachXBT, the CAT developers orchestrated this hacking in an attempt to to manipulate crypto prices for their own benefit.
The survey findings show that at the launch of CAT, the developers acquired more than 63% of the total supply. They then converted these tokens into over $5 million, transferring the funds to various crypto exchange platforms.
Complex price manipulation scheme revealed
Shortly before the GCR, a portfolio linked to this team has opened long positions of $2.3 million on ORDI. After the compromise of the influential account and the publication of the corresponding promotional content, the price of the ORDI jumped 10%, allowing attackers to pocket a quick $34,000 profit .
A million-dollar position on Ether.fi was also opened, but resulted in a loss of $3,500…
This incident illustrates the growing risks facing crypto influencers, with their accounts prime targets for malicious hackers looking to exploit their reach. Such attacks by compromising influencer accounts are not new to the crypto space often facilitated by a SIM swap or an internal security flaw.
GCR expressed its suspicion that a X employee may have been corrupted, allowing illegal administrator access to its account. While the investigation continues, this incident highlights the ongoing security challenges facing the crypto industry.
While memecoin remains an exhilarating phenomenon, this incident serves as a reminder of the malicious forces ready to exploit networks of influence for profit. The crypto community is therefore called upon to exercise caution.
As a journalist at Coinpri, I’ve been captivated by the world of bitcoin and blockchain since 2020. The decentralized aspect of Bitcoin particularly piqued my interest. Since then, I’ve been working constantly to spread my knowledge, hoping one day to see a world where everyone fully enjoys their financial freedom.
