Pseudonymous investigator ZachXBT conducted an analysis that revealed the involvement of the Sol team, the creators of the Solana-based memecoin known as CAT.
Pseudonymous investigator ZachXBT conducted an analysis that revealed the involvement of the Sol team, the creators of the Solana-based memecoin known as CAT, in compromising the account of crypto influencer Gigantic-Cassocked-Rebirth (GCR) on May 26. The intention behind the hack was to manipulate the prices of specific coins.
According to the investigation, the Sol team manipulated the launch of their own coin on May 24, allowing them to gain control of over 63% of the CAT supply. Subsequently, they sold more than $5 million worth of the CAT memecoin and distributed the profits across multiple wallets.
The funds obtained from the sale were later deposited into the trading platform Hyperliquid. Just minutes before the hack, the attackers opened long positions of $2.3 million on ORDI (ORDI) and $1 million on Ether.fi (ETHFI). In trading, a long position is a bet that the price of an asset will increase in the future.
Using the compromised GCR account, the attacker posted about ORDI, causing a temporary spike in the token's price and resulting in a profit of approximately $34,000. A second post targeted the ETHFI token, but this time the market did not react as anticipated. After incurring a loss of $3,500, the hacker closed the position.
ZachXBT criticized the attackers, referring to them as "scammers with low IQ" due to their poor execution. He urged people to stop giving meme coin promoters a platform and highlighted the fact that individuals were taken advantage of simply because they purchased an expensive username and encountered mysterious posts.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators.
This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.
The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
