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The May 26 X account hack of the infamous dealer often known as GCR is perhaps tied to the team behind the meme coin CAT deployed on Solana, shared the on-chain sleuth ZachXBT this Monday.
According to ZachXBT, minutes earlier than the hack, an handle tied to CAT’s team opened lengthy positions within the tokens ORDI and ETHFI utilizing $2.3 million and $1 million, respectively.
The funds had been obtained by an alleged token launch manipulation, the place CAT’s team was ready to snipe their token on May 24 and maintain 63% of the availability. The quantity was then offered for almost $5 million, and the revenue was transferred to a number of wallets, in accordance to the on-chain sleuth.
2/ The @sol team sniped their very own launch to management 63% of the availability promoting $5M+ of $CAT earlier than transferring the income to a number of wallets. https://t.co/0oAUVnYYee pic.twitter.com/94mvKqExec
— ZachXBT (@zachxbt) May 27, 2024
The person recognized as Lookonchain additionally detected this motion by on-chain evaluation and attributed it to a possible insider from the CAT’s team.
One of the wallets moved 4,800 SOL to the crypto alternate KuCoin whereas sending the identical SOL quantity with $1,4 million in USD Coin (USDC) to MEXC. “Using a timing analysis I found withdrawals from the two exchanges on Ethereum & Arbitrum shortly after the Solana deposits in similar amounts,” added ZachXBT.
Therefore, the hackers opened their lengthy place on ORDI and used GCR’s account to put up concerning the token, pumping its value and profiting almost $34,000.
Before the hackers may make one other commerce, GCR knowledgeable on X that his account was compromised and no data from there needs to be trusted.
Nevertheless, the hackers opened a ETHFI lengthy place on Hyperliquid just a few hours later, shedding $3,500 within the course of. This journey led to just a little over $30,000 of web income for the hackers.
Yet, ZachXBT defined to certainly one of his followers that positions on centralized exchanges may very well be opened as nicely, elevating the revenue for the team. He additionally recommended that the team behind CAT may very well be earlier perpetrators of SIM Swap scams, consisting of hackers gaining entry to SIM chips from victims to breach financial institution accounts and crypto wallets.
“Meme coins are just as manipulated if not more than VC coins (just trust me bro dev vs smart contract locked tokens),” concluded the on-chain sleuth.
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