ZachXBT reveals GCR account hack tied to Solana meme coin team

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.