Last night, the well-known trader GCR’s X account was hacked and released tweets about tokens such as ORDI, ETHFI, and Luna2.0, causing these tokens to skyrocket in a short period of time until GCR himself confirmed that they were false tweets released by hackers, and they quickly plummeted again.
In response to this incident, blockchain detective ZachXBT recently posted an article suggesting that the team behind the meme coin CAT in the Solana ecosystem may be involved in this event.
ZachXBT pointed out that prior to this, the team was found to have dumped their own CAT tokens (controlling 63% of circulation), with a total value of about $5 million, and these funds were distributed to several wallet addresses. Among them, the address starting with 6M54 received about 15,000 SOL tokens (about $2.5 million) and sent funds to Kucoin and MEXC exchanges on May 25.
By examining the timing of deposits and withdrawals on exchanges, ZachXBT discovered two Ethereum addresses that matched the deposit time of 6M54. Further investigation revealed that some of the funds from these two addresses were transferred to the DeFi protocol Hyperliquid, and long positions worth $2.3 million in ORDI and $1 million in ETHFI were opened and closed.
Through this series of operations, the address made a net profit of $34,000 from closing the ORDI long contract, but the $1 million ETHFI long position not only did not make any money but also incurred a loss of $3,500 upon closing.
Finally, ZachXBT made five conclusions regarding this incident:
1. People were scammed of seven-figure funds just because a fraudster purchased an expensive username and posted some mysterious tweets.
2. Stop providing platforms for meme coin pumpers.
3. Study the transition path from SIM card swapping/phishing scammers to meme coin scammers. Many scammers have started to switch lanes because this type of fraud is still relatively easy to execute.
4. The manipulation level of meme coins is as high as, if not higher than, that of VC coins.
5. The intelligence of scammers is very low, as evidenced by their poor execution.
