An examination has linked the group responsible for a newly introduced memecoin to the recent breach of a cryptocurrency influencer's account. A detailed analysis conducted by the pseudonymous investigator ZachXBT uncovered that the Sol team, creators of the memecoin CAT based on Solana, compromised the account of crypto influencer Gigantic-Cassocked-Rebirth (GCR) on May 26. Their aim was to influence the prices of specific coins through this unauthorized access.

The team allegedly orchestrated their own coin launch on May 24 to acquire control of more than 63% of the CAT supply. Subsequently, they proceeded to sell over $5 million worth of the CAT memecoin, distributing the profits among various wallets. A portion of these funds was later transferred to Hyperliquid for trading purposes. Just before the breach occurred, the perpetrators initiated long positions of $2.3 million on ORDI and $1 million on Ether.fi. In trading terms, a long position signifies a belief that an asset's value will increase in the future.

The attacker utilized GCR's compromised account to promote ORDI, causing a temporary surge in the token's price and generating around $34,000 in profit. Another post targeted the ETHFI token, but this time, the market did not respond as anticipated. Following a loss of $3,500, the hacker closed the position. ZachXBT criticized the attackers' incompetence, stating, "Scammers exhibit low intelligence, as evidenced by their poor execution." He further emphasized the need to refrain from providing a platform to meme coin promoters who engage in deceptive practices.

It remains uncertain whether this group is responsible for similar attacks on crypto influencers in recent days. According to ZachXBT's analysis, a SIM swapping attack facilitated the breach of the influencer's account. This fraudulent scheme involves tricking a mobile service provider into transferring a victim's phone number to a new SIM card controlled by the scammer. Malicious individuals have identified memecoins as a lucrative target for such attacks. Common tactics employed to deceive traders include hyping a memecoin to inflate its value and subsequently selling tokens at their peak or swiftly draining funds from the liquidity pool.