Memecoin team connected to GCR hack, reveals ZachXBT

Memecoin team connected to GCR hack, reveals ZachXBT

According to the on-chain sleuth, the CAT memecoin creators hacked crypto influencer GCR to manipulate some coin prices.

An investigation has linked the team behind a newly launched memecoin to the recent hack of a crypto influencer account.

An analysis carried out by pseudonymous sleuth ZachXBT revealed that the Sol team, makers of the Solana-based memecoin CAT, compromised the X account of crypto influencer Gigantic-Cassocked-Rebirth (GCR) on May 26, intending to manipulate the price of specific coins.

The team reportedly manipulated its own coin launch on May 24 to gain control of more than 63% of the CAT supply. Over $5 million worth of the CAT memecoin was then sold, and profits were divided among multiple wallets.

Read more

Source: https://cointelegraph.com/news/memecoin-team-gcr-hack-zachxbt