Memecoin Team CAT Creators Linked to GCR Hack, ZachXBT Reveals

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.

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.

Just minutes before the hack, the exploiters opened long positions on ORDI and (link unavailable), betting on a price rise.

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.