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Cryptocurrency
Memecoin Team CAT Creators Linked to GCR Hack, ZachXBT Reveals
Investigation Uncovers Sol Team’s Involvement in Crypto Influencer Account Hack
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iexclusivenews – A shocking discovery has rocked the crypto community, as an investigation by ZachXBT has linked the team behind the newly launched memecoin CAT to the recent hack of crypto influencer Gigantic-Cassocked-Rebirth (GCR).
The Sol team, creators of the Solana-based memecoin, compromised GCR’s X account on May 26, manipulating the price of specific coins.
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Manipulating the Market: The Sol Team’s Scheme
The team orchestrated a clever scheme, manipulating their coin launch on May 24 to gain control of over 63% of the CAT supply.
They then sold over $5 million worth of CAT memecoin, distributing the profits among multiple wallets.
Part of the funds were later deposited into Hyperliquid for trading.
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Just minutes before the hack, the exploiters opened long positions on ORDI and (link unavailable), betting on a price rise.
READ MORE: Rabbit AI Fights Back: Debunks Coffeezilla’s NFT Scam Allegations With Transparency
The Hack and Its Aftermath
Source: ZachXBT
Using GCR’s hacked account, the attacker posted about ORDI, temporarily spiking the token’s price and netting approximately $34,000.
A second post targeted ETHFI, but the market didn’t react as expected, resulting in a loss of $3,500. ZachXBT criticized the attackers’ poor execution, calling them “low iq.”
The influencer’s account was breached through a SIM swapping attack, a scheme where scammers trick mobile carriers into transferring a victim’s phone number to a new SIM card controlled by the scammer.
The Rise of Memecoin Attacks
Malicious actors have found memecoins to be a vulnerable target, using strategies like promoting a memecoin to inflate prices and then selling tokens at the peak or draining liquidity pool funds.
ZachXBT warned against giving meme coin callers a platform, emphasizing the need for caution in the crypto community.
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