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The Might 26 X account hack of the infamous dealer often called GCR is likely to be tied to the crew behind the meme coin CAT deployed on Solana, shared the on-chain sleuth ZachXBT this Monday.
In accordance with ZachXBT, minutes earlier than the hack, an handle tied to CAT’s crew opened lengthy positions within the tokens ORDI and ETHFI utilizing $2.3 million and $1 million, respectively.
The funds had been obtained by means of an alleged token launch manipulation, the place CAT’s crew was in a position to snipe their token on Might 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 with the on-chain sleuth.
2/ The @sol crew sniped their very own launch to manage 63% of the availability promoting $5M+ of $CAT earlier than transferring the earnings to a number of wallets. https://t.co/0oAUVnYYee pic.twitter.com/94mvKqExec
— ZachXBT (@zachxbt) Might 27, 2024
The consumer recognized as Lookonchain additionally detected this motion by means of on-chain evaluation and attributed it to a probable insider from the CAT’s crew.
One of many wallets moved 4,800 SOL to the crypto trade KuCoin whereas sending the identical SOL quantity with $1,4 million in USD Coin (USDC) to MEXC. “Utilizing a timing evaluation I discovered withdrawals from the 2 exchanges on Ethereum & Arbitrum shortly after the Solana deposits in related quantities,” added ZachXBT.
Subsequently, the hackers opened their lengthy place on ORDI and used GCR’s account to put up concerning the token, pumping its worth and profiting almost $34,000.
Earlier than the hackers might make one other commerce, GCR knowledgeable on X that his account was compromised and no data from there must be trusted.
However, the hackers opened a ETHFI lengthy place on Hyperliquid just a few hours later, shedding $3,500 within the course of. This journey resulted in a bit over $30,000 of web earnings for the hackers.
But, ZachXBT defined to one among his followers that positions on centralized exchanges may very well be opened as properly, elevating the revenue for the crew. He additionally instructed that the crew behind CAT may very well be earlier perpetrators of SIM Swap scams, consisting of hackers getting access to SIM chips from victims to breach financial institution accounts and crypto wallets.
“Meme cash are simply as manipulated if no more than VC cash (simply belief me bro dev vs good contract locked tokens),” concluded the on-chain sleuth.
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