Connection Found Between SOL Meme Coin Team and GCRClassic Hack and Market Manipulation
An inquiry conducted by crypto analyst ZachXBT over the past few days has uncovered evidence suggesting that the Sol ($CAT) meme coin team played a role in the hack of the GCRClassic account. The investigation revealed that the incident involved insider trading, market manipulation, and large-scale financial operations.
The hack unfolded when an address associated with the Sol team initiated substantial bearish exposure to Hyperliquid. This included $2.3 million in ORDI and $1 million in ETHFI. The research traced these transactions back to the meme coin launch, accusing the Sol team of manipulating the event and ultimately gaining control of 63% of the $CAT supply. The team members were able to sell over $5,000,000 worth of the token, and the profits were divided among their wallets.
Further examination of the transactions and market manipulation revealed that the address 6M54xEUamVAQVWPzThWnCtGZ7qznomtbHTqSaMEsUHPF received approximately 15,000 SOL (equivalent to $2.5 million) from the sale of $CAT. Subsequently, this address made several transfers to Kucoin and MEXC, followed by similar withdrawals in Ethereum and Arbitrum.
The address also engaged in purchasing trading perpetual contracts with Hyperliquid, depositing funds in multiple transactions. The compromised GCRClassic account played a crucial role in this manipulation by posting about ORDI, driving up its price and allowing the associated address to exit the long position with a profit.
The hackers attempted a second manipulation of the market using ETHFI but were only able to attack for a smaller amount, showcasing their multiple attempts with this scheme.
This incident highlights several important lessons for the crypto community:
1. Scammers exploit the names of prominent accounts to manipulate the market for personal gain.
2. Meme coins are particularly vulnerable to fluctuations, often more so than traditional venture capital coins.
3. Platforms should exercise caution when providing visibility to meme coin promoters, as their intentions may not be honorable.
4. Users must be vigilant against SIM swaps and phishing scams, as these tactics have proven successful in meme coin marketing.
ZachXBT’s investigation provides a comprehensive understanding of the case and demonstrates that, despite the relatively low level of hacking involved, the consequences are significant. Crypto users are urged to familiarize themselves with these findings to prevent similar situations in the future.
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