ZachXBT reveals GCR account hack tied to Solana meme coin team
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The May 26 X account hack of the notorious trader known as GCR might be tied to the team behind the meme coin CAT deployed on Solana, shared the on-chain sleuth ZachXBT this Monday.
According to ZachXBT, minutes before the hack, an address tied to CAT’s team opened long positions in the tokens ORDI and ETHFI using $2.3 million and $1 million, respectively.
The funds were obtained through an alleged token launch manipulation, where CAT’s team was able to snipe their token on May 24 and hold 63% of the supply. The amount was then sold for nearly $5 million, and the profit was transferred to multiple wallets, according to the on-chain sleuth.
2/ The @sol team sniped their own launch to control 63% of the supply selling $5M+ of $CAT before transferring the profits to multiple wallets. https://t.co/0oAUVnYYee pic.twitter.com/94mvKqExec
— ZachXBT (@zachxbt) May 27, 2024
The user identified as Lookonchain also detected this movement through on-chain analysis and attributed it to a likely insider from the CAT’s team.
One of the wallets moved 4,800 SOL to the crypto exchange KuCoin while sending the same SOL amount 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 long position on ORDI and used GCR’s account to post about the token, pumping its price and profiting nearly $34,000.
Before the hackers could make another trade, GCR informed on X that his account was compromised and no information from there should be trusted.
Nevertheless, the hackers opened a ETHFI long position on Hyperliquid a few hours later, losing $3,500 in the process. This journey ended in a little over $30,000 of net profits for the hackers.
Yet, ZachXBT explained to one of his followers that positions on centralized exchanges could be opened as well, elevating the profit for the team. He also suggested that the team behind CAT could be previous perpetrators of SIM Swap scams, consisting of hackers gaining access to SIM chips from victims to breach bank 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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Author: Gino Matos
