ZachXBT

ORDI

Luna 2.0

An investigation launched by pseudonymous blockchain sleuth <a href="https://news.todayq.com/zachxbt-referred-to-dechat-as-clowns-because-of-this-mishap/" rel="noopener noreferrer nofollow">ZachXBT</a> found out how the creators of the Solana-based meme coin $CAT are linked to crypto influencer Gigantic-Cassocked-Rebirth (GCR) hack. Meme coin team behind the scam 
As per ZachXBT’s findings, GCR’s Twitter account was compromised and used to promote ORDI and Luna 2.0 tokens on May 26. This led to a major price surge. However,&nbsp; GCR quickly confirmed the breach and urged his followers to disregard the promotional posts.
It mentioned that the CAT meme coin team planned the hack which began with their coin launch of CAT on May 24. It added that Minutes before the hack an address tied to them opened $2.3 million of ORDI and $1 million ETHFI longs on Hyperliquid.
The team controlled over 63% of the CAT supply and sold more than $5 million worth of CAT. They dispersed profits across multiple wallets and funneled some funds into Hyperliquid for trading.
The investigation found out that the perpetrators opened long positions worth $2.3 million on ORDI and $1 million on Ether.fi (ETHFI) prior to the hack. However, after the breach, ORDI’s price jumped from $40 to $44. This helped the scammers to net approximately $34,000 in profit.
Luna 2.0 saw a temporary 274% increase. However, their attempt to boost ETHFI was unsuccessful. This led to a $3,500 loss when they closed the position. What happened next? 
ZachXBT went on to criticize the poor execution of the scam. He noted that the perpetrators exploited their control over GCR’s account to promote their fraudulent activities. He warned against giving platforms to those calling for investments in meme coins without proper scrutiny.
It is important to note that the breach was facilitated through a SIM swapping attack. The scammers trick a mobile carrier into transferring the victim’s phone number to a SIM card they control. GCR suspected insider collusion at X.com, suggesting that an employee might have been bribed to provide access to his account.
Similar attacks were reported over the weekend. Caitlyn Jenner announced the launch of her crypto token, JENNER, via her X account. She claimed it was created using Solana’s memecoin platform, pump. fun. Despite videos posted by Jenner and her manager confirming the token’s legitimacy, some users suspected the videos might be deepfakes.

From meme coin to scam, inside $CAT and GCR hack scandal

Todayq News

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