Memecoin Team Linked to GCR Hack, Exposes ZachXBT
3 min read
Memecoin Team Linked to GCR Hack, Exposes ZachXBT
A recent investigation has exposed a team behind a newly introduced memecoin as the culprits behind a hack of a prominent crypto influencer’s account. The findings, presented by the pseudonymous investigator ZachXBT, indicate that the creators of the Solana-based memecoin CAT, known as the Sol team, breached the X account of the crypto influencer Gigantic-Cassocked-Rebirth (GCR) on May 26. They aimed to use this breach to manipulate the prices of specific cryptocurrencies.
According to the analysis, the Sol team strategically aligned their coin launch on May 24 to secure control over more than 63% of the CAT memecoin’s total supply. Following the launch, over $5 million worth of CAT memecoins were sold off, and the profits were dispersed across several wallets. A portion of these funds was subsequently transferred to Hyperliquid, a trading platform.
Just before executing the hack, the attackers placed long positions on two assets: $2.3 million on ORDI (ORDI) and $1 million on Ether.fi (ETHFI). In trading terms, a long position means betting that the asset’s price will increase over time. Utilizing the compromised GCR account, the attacker posted about ORDI, which temporarily boosted the token’s price and generated a profit of around $34,000 for the culprits. Another post targeting the ETHFI token followed, but this did not produce the desired market effect, resulting in a loss of $3,500 for the hacker, who then closed the position.
ZachXBT was not impressed by the attack’s execution, describing it as a failure carried out by “low IQ” scammers. He noted the unfortunate fact that people fell victim to a scam simply because they purchased a high-priced username and posted mysterious messages. He emphasized the need to stop giving a platform to individuals promoting memecoins for manipulative purposes.
It remains uncertain whether this group is linked to other recent attacks against crypto influencers. The analysis pointed out that the breach of GCR’s account was due to a SIM swapping attack. This method involves deceiving a mobile carrier into transferring the victim’s phone number to a new SIM card controlled by the scammer.
Memecoins have become a lucrative target for hackers. Common tactics include hyping a memecoin to artificially raise its price and then cashing out at the peak or suddenly draining liquidity pools to steal funds. These actions result in significant financial losses for unsuspecting traders.
ZachXBT’s investigation sheds light on the vulnerability of crypto influencers and the lengths to which malicious actors will go to exploit the burgeoning memecoin market. As the popularity of these digital assets continues to grow, so does the sophistication of scams associated with them.
The crypto community must remain vigilant against such fraudulent activities. Promoting awareness and education about security measures and recognizing potential scams is essential in safeguarding assets in the ever-evolving digital currency landscape.
The case involving the Sol team and the hacked account of GCR serves as a sobering reminder of the risks involved in the crypto space. It underscores the importance of robust security practices and the need for the community to hold scam artists accountable in their pursuit of deceptive gains.
The Sol team has shown us just how low people can go for profits. Sickening.
Wow, ZachXBT exposing scammers like a pro! Amazing work, truly commendable.
The lengths scammers go to these days is unbelievable. We must stay vigilant.
Cheers to ZachXBT for highlighting the lengths scammers will go. Much-needed vigilance in crypto space!
Important lesson on why we must always double-check crypto investments. Thanks, ZachXBT, for the heads-up!
ZachXBT saving the day yet again! More power to investigative work like this!
GCR falling for a SIM swapping attack? We need more awareness about these threats!
Another day, another scam in the crypto world. When will we learn?
GCR getting hacked is really disappointing. We need better security measures in place!
ZachXBT calling them low IQ is an understatement. These scammers are the worst.
Big thanks to ZachXBT for shedding light on this shady business. Let’s stay safe out there!
Big props to ZachXBT! This case should remind everyone to be extra cautious in the crypto space.
This is so disheartening. Scams like this hurt the entire crypto community.
million profit from a scam? This is why memecoins have such a bad reputation.
ZachXBT strikes again! 🎯 Can’t thank him enough for keeping the crypto community informed and safe. 🙏
ZachXBT proving once again why he’s one of the best in the field! Great investigative work!
This investigation highlights the importance of being cautious in the crypto world. 🧐 Thanks for the eye-opening insights, ZachXBT! 💡
Hats off to ZachXBT for another successful investigation! We must always remember to DYOR.
Sol team should be ashamed. Manipulating prices and hacking accounts? Pathetic.
Just another reason why I stay away from memecoins. Too risky! 🚨
The manipulation tactics in the crypto world are getting out of hand. Time to crack down!
Wow, great job ZachXBT for exposing these fraudsters! The crypto community owes you big time!
How many more influencers have to get hacked before we take security seriously?
This is absolutely disgusting. Why do people fall for these memecoins again and again?
Shocking but insightful read! Thanks, ZachXBT, for shining a light on these fraudulent activities.
Great work, ZachXBT! It’s scary how sophisticated these scams are becoming. Stay vigilant, everyone!
This investigation is a must-read for anyone involved in crypto. Big thanks to ZachXBT for his effort! 📚💡
Another win for the good guys! ZachXBT has done incredible work once again. Kudos!
Brilliant work, ZachXBT! The cats out of the bag thanks to you!