ZachXBT Uncovers Memecoin ($MEME) Team’s Connection to High-Profile Crypto Influencer Account Hack

<ul>
  <li>A new investigation led by ZachXBT 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.</li>
  <li>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.</li>
  <li>"Scammers are low-IQ, as evidenced by the awful execution," ZachXBT commented on the incident.</li>
</ul>
<p><strong>Discover the intricate details of a recent investigation linking a memecoin team to the hacking of a crypto influencer's account, revealing a sophisticated scheme to manipulate cryptocurrency prices.</strong></p>
<h2><strong>Crypto Influencer GCR’s Account Hacked By Memecoin Team According to Investigation</strong></h2>
<p>On late Sunday, popular crypto influencer Gigantic-Cassocked-Rebirth (GCR) was hacked on his X (formerly Twitter) account. Minutes before the hack, an address tied to the perpetrators opened $2.3 million ORDI and $1 million ETHFI longs on Hyperliquid. 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.</p>
<h3><strong>Details of the Hack and Financial Impact</strong></h3>
<p>ZachXBT’s investigation revealed that the team behind CAT memecoin orchestrated the hack. 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. Following the hack, the price of ORDI briefly climbed from around $40 to $44 before falling back to $40, with the scammer securing a profit of approximately $34,000. Additionally, Luna 2.0 experienced a momentary 274% increase. A subsequent post was shared to boost ETHFI, but the market did not respond as expected, resulting in a $3,500 loss for the attackers, who closed the position.</p>
<h2><strong>Celebrities’ X Accounts Targeted in SIM Swapping and Bribery Hacks</strong></h2>
<p>According to ZachXBT’s findings, the breach was facilitated by a SIM-swapping attack. The method involves scammers deceiving a mobile carrier into transferring the victim’s phone number to a SIM card controlled by the attacker. GCR believes that someone at X.com might have been bribed to provide access to his account, leading to the security breach. “Was notified 2 months ago by someone affiliated with Twitter that bribes had been made to access my account, and beefed up security then,” GCR said. “But there is no security if X employees take money for admin access.”</p>
<h3><strong>Other High-Profile Hacks</strong></h3>
<p>Similarly, late Sunday, Caitlyn Jenner, the reality TV star and Olympic athlete, announced the launch of her cryptocurrency token, JENNER, via a post on her X account. The token was created using Solana’s memecoin platform, pump.fun. By Monday morning, JENNER had achieved a market capitalization of $37 million. In response to hacking concerns, Jenner and her manager, Sophia Hutchins, posted videos on her X account to confirm the memecoin’s legitimacy. Despite these assurances, some users are still skeptical, suggesting the videos could be deepfakes. Similarly, Rapper Rich The Kid promoted a memecoin, RICH, via a pump.fun link in now-deleted X posts. On Monday morning, Rich The Kid released a video claiming his X account had been hacked, resulting in the unauthorized promotion of the RICH token.</p>
<h3><strong>Conclusion</strong></h3>
<p>The recent investigation by ZachXBT has shed light on the sophisticated methods used by scammers to manipulate cryptocurrency prices through hacking and social engineering. The involvement of high-profile individuals and the use of advanced techniques like SIM swapping and bribery underscore the need for enhanced security measures within the crypto community. As the industry continues to grow, vigilance and robust security protocols will be essential in safeguarding against such malicious activities.</p>